Options Bulls Target Falling Solar Stock

Piper Sandler just lowered its price target to $15

Laura McCandless

Deputy Editor

Apr 22, 2024 at 1:08 PM

This Earth Day, it looks like a good time to highlight solar stock Sunrun Inc (NASDAQ:RUN), which has attracted plenty of attention from traders lately. The stock is 2.6% lower to trade at $9.98 at last glance, following a price-target cut from Piper Sandler to $15 from $27.

RUN April22

Though the stock moved lower in April, down roughly 22% since the start of the month, options bulls have been more active than usual. RUN landed on Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 stocks that have attracted the highest options volume during the last 10 days, with 221,064 calls and 98,178 puts exchanged during this time. The most activity by far during this period was at the May 15 call.

MAO April22

It's also worth noting that short interest represents a hefty 21.9% of the stock's available float. It would take shorts over three days to cover their bets, at RUN's average pace of trading.

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