Are First Solar, Inc. (FSLR) Option Traders Switching Sides?

First Solar, Inc. (NASDAQ:FSLR) has been on a tear, with the shares up 36.3% year-to-date to linger near $60.76, including a 0.9% gain today. Accordingly, bullish activity in the options pits is ramping up, echoing last week's trend.

In afternoon action, calls have more than tripled puts. Two of today's most active contracts are the March 59 call and the March 60 call, both of which are seeing a large amount of potential buy-to-open activity. By purchasing these calls, traders expect the security to keep muscling north of the strikes by the close on Friday, when the contracts expire. Delta on the March 59 call stands at 0.77, implying a 77% chance of expiring in the money, while delta on the March 60 call reads 0.62.

In the options pits, near-term puts are more prevalent than usual, as FSLR's Schaeffer's put/call open interest ratio (SOIR) of 0.94 reads higher than 90% of all similar readings taken over the past year. Simply stated, short-term option players are more put-heavy than they have been over the past year.

Elsewhere, the brokerage bunch is divided on the equity, with eight out of 15 covering analysts rating the stock a "hold," and the remaining seven doling out "buy" or better opinions. What's more, First Solar, Inc.'s (NASDAQ:FSLR) consensus 12-month price target of $63.15 is a chip-shot away from current trading levels. Upbeat analyst attention could help FSLR add to its year-to-date lead.