Someone with a lot of money to spend has taken a bullish stance on SunPower (NASDAQ:SPWR).
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with SPWR, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 10 uncommon options trades for SunPower.
This isn't normal.
The overall sentiment of these big-money traders is split between 60% bullish and 40%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $125,231, and 7 are calls, for a total amount of $587,124.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $30.0 for SunPower over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for SunPower options trades today is 3420.75 with a total volume of 743.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for SunPower's big money trades within a strike price range of $10.0 to $30.0 over the last 30 days.
SunPower Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| SPWR | CALL | SWEEP | BEARISH | 01/20/23 | $12.00 | $274.8K | 311 | 209 |
| SPWR | CALL | TRADE | BULLISH | 01/19/24 | $10.00 | $100.2K | 1.1K | 60 |
| SPWR | CALL | TRADE | BULLISH | 01/19/24 | $10.00 | $99.0K | 1.1K | 120 |
| SPWR | PUT | SWEEP | NEUTRAL | 09/16/22 | $28.00 | $54.0K | 199 | 150 |
| SPWR | PUT | TRADE | NEUTRAL | 09/16/22 | $27.00 | $37.8K | 341 | 150 |
Where Is SunPower Standing Right Now?
- With a volume of 2,567,246, the price of SPWR is down -1.86% at $25.39.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 77 days.
What The Experts Say On SunPower:
- JP Morgan has decided to maintain their Underweight rating on SunPower, which currently sits at a price target of $25.
- Piper Sandler has decided to maintain their Neutral rating on SunPower, which currently sits at a price target of $21.
- Barclays downgraded its action to Equal-Weight with a price target of $26
- Roth Capital has decided to maintain their Neutral rating on SunPower, which currently sits at a price target of $18.
- Raymond James has decided to maintain their Outperform rating on SunPower, which currently sits at a price target of $25.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for SunPower, Benzinga Pro gives you real-time options trades alerts.
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