SunEdison, Inc. (SUNE) Bulls Feeling the Power

Sunedison Inc (SUNE) traders are eyeing the $22.50 level

Digital Content Group

Mar 4, 2015 at 2:36 PM

SUNE

Sunedison Inc (NYSE:SUNE) is being tugged lower with the broader market, down 1.8% at $22.33. In the stock's options pits, traders are looking for a quick rebound, with calls crossing the tape at a faster-than-normal rate. Specifically, speculators are targeting the $22.50 level.

Traders are buying to open the March 22.50 call, in hopes of SUNE trading above $22.50 before the close on Friday, March 20, when front-month options expire. Other traders are betting on an even quicker bounce from the shares, purchasing the weekly 3/6 22.50-strike call. SUNE's intraday high stands at $22.85.

For the most part, the Street is bullish on the security. Out of 10 analysts covering the stock, eight deem it a "buy" or better, with the remaining two maintaining "hold" recommendations. What's more, SUNE's average 12-month price target of $30.15 stands in territory not charted since the second half of 2008.

Recently, Sunedison Inc (NYSE:SUNE) has been dominating the charts. The stock hit a year-to-date low of $17.09 on Jan. 6, and since then has added 30.7%.

Follow @Schaeffers

$40 Gets You 4 High-Conviction Trades. Let's Go.

We just booked back-to-back double-digit gains on Celsius and Palantir in Trade of the Week, and we’re eyeing even bigger wins!

Every week starts with a fully defined options trade straight from the desk Schaeffer’s Senior V.P. of Research, Todd Salamone, backed by 30+ years of proven market experience and disciplined risk management.

Right now, you can get 4 total trades over the next 4 weeks for $40 – just $10 per trade.

👉 Sign Up Now to Receive Your First Trade!