Notable Tuesday Option Activity: SPHR, CAR, RUN

Avis Budget Group (CAR) and Sunrun (RUN) are experiencing unusually high options trading volume, each representing over 40% of their respective average daily share volumes. CAR saw significant activity in its January 2026 $125 strike put options, with 1,505 contracts traded, while RUN's October 2025 $20 strike call options recorded 13,359 contracts, indicating notable bearish and bullish sentiment, respectively, for these long-dated positions.

Analysis

Avis Budget Group (CAR) and Sunrun (RUN) are both experiencing notable options market activity, with trading volumes representing a significant portion of their daily share turnover, at 43.2% and 42.7% respectively. This signals heightened investor focus and positioning through derivatives. The activity in Avis is concentrated in the January 2026 $125 strike put options, with 1,505 contracts traded. Such targeted, long-dated put volume suggests a bearish long-term outlook or a substantial hedging operation against a potential price decline below the $125 level. In contrast, Sunrun saw heavy volume of 13,359 contracts in its October 2025 $20 strike call options. This indicates a strong bullish conviction among certain traders, who are positioning for a significant appreciation in RUN's share price over the medium term. The data highlights two divergent, long-term directional bets being placed in the options market for these two distinct companies.

Key Decisions for Investors

• Given the significant volume in long-dated puts for Avis Budget Group (CAR), investors should investigate potential fundamental headwinds or view this as a signal of institutional hedging against a long-term price decline.