Options Traders Stay Bullish on Solar Stock

Shares are back below the 40-day moving average

Digital Content Manager
Aug 7, 2023 at 3:17 PM
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Sunrun Inc (NASDAQ:RUN) stock is down 0.8% to trade at $17.41 at last check, as it continues to cool off from a post-earnings surge. The company reported better-than-expected second-quarter profits last week, but revenue missed the mark. Though the shares moved up to the $22 region after the results, they quickly slipped back below their 40-day moving average. Year-over-year, RUN is down 47.7%.

RUN 40Day

The results caused quite the stir in the options pits. In fact, RUN made it to Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 (SP400) stocks that attracted the highest weekly options volume in the last 10 days. The equity saw 232,781 calls and 107,681 puts exchanged. The weekly 8/4 20-strike call was the most popular contract by far.

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Longer term, options bulls have ruled the roost. This is per Sunrun stock's 50-day call/put volume ratio of 2.48 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 94% of readings from the past 12 months.

Meanwhile, short sellers have been piling on. Short interest is up 8.3% in the last two reporting periods, and the 37.19 million shares sold short make up 17.7% of the stock's available float. It would take almost one week to buy back these bearish bets, at RUN's average pace of daily trading. 


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