Options Traders Stay Close to Underperforming Solar Stock

The stock's post-earnings rally was short-lived

Deputy Editor
Nov 13, 2023 at 2:22 PM
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On the charts, Sunrun Inc (NASDAQ:RUN) stock fell shortly after its Nov. 2 post-earnings surge of 10.1%, after the stock's 40-day moving average rejected it below the $12 mark. Currently down 1.4% to trade at $9.30 at last glance, RUN is on track for its fourth-straight daily loss, and nearing its late-October three-year lows. Since the start of the year, the equity is underperforming with a 61.4% deficit. 

RUN Nov13

The solar name has remained popular amongst options traders, who are leaning slightly bullish despite the stock's slump. RUN even 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. During this time, Sunrun stock saw 117,345 calls and 90,111 puts exchanged, with the weekly 11/3 11-strike call seeing the most activity. 

MAO Nov13

Sunrun stock has landed on the short sale restricted (SSR) list today. It's also worth noting that short interest represents a whopping 28.2% of the stock's available float. It would take shorts over five days to cover their bets, at RUN's average pace of trading. 

 

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