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