Put Traders Cheer Sunrun's Recent Drop

The stock is attempting to bounce back from Friday's plummet

Deputy Editor
Mar 13, 2023 at 3:20 PM
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Sunrun Inc (NASDAQ:RUN) is up 2.2% at $21.19 at last glance, looking to recover some of Friday's 12.3% drop -- though the shares remain on the short sell restricted (SSR) list amid recent market volatility. Unsurprisingly, the solar name's business with SVB Financial Group (SIVB) caused the negative price action, with the bank acting as one of its lenders. 

The $26 level has kept a tight lid on gains over the past month, along with the stock's 100-day moving average. Year-to-date, the equity is down 11.8%. 

RUN Mar13

Moreover, Sunrun has captured the attention of put traders over the past couple weeks. According  to Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 Mid Cap Index (IDX) stocks that have attracted the highest weekly options volume in the past 10 days, RUN saw 84,649 calls and 157,275 puts exchanged in that time. The most popular contract over this period was the March 18 put, followed by the April 25 put. 

MAO Mar13

It's also worth noting that Citigroup initiated coverage with a "neutral" rating on Friday. Other analysts are also leaning bullish on RUN. Of the 18 analysts in coverage, 14 carry a "buy" or better rating, with four a tepid "hold," while the 12-month consensus price target of $42.10 represents a 98% premium to current levels. 

 

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