Sunrun prints on November 4, five days out from the October 30 morning scan, and on the single measure that separates it from every other name on this board it has no company. At 35.6% of float short, Sunrun is the most crowded short of the 100 names the scanner carries, eight and a half times the median of 4.2%, and it prints into an options market charging a 76.7% five-day move. Everything else about the row is ordinary: score 70, rank 53, twenty analysts, nine of them on hold and none selling. The RUN vs peers AI infrastructure question is whether a score of 70 describes a stock this exposed, and the honest answer is that the score cannot see crowding at all.

The row, five days out

Score 70, rank 53 of the 100 names on the board, sector Technology, print date November 4, earnings sentiment Positive, short interest 35.6% of float, market capitalization $1.81 billion, implied volatility 138.9%, and a price of $7.50 at the time of the scan, 1.19% below the $7.59 close it printed on Thursday October 29.

Decomposed, the 70 is the weakest kind of 70 on this board. Coverage is one point per analyst up to 25, and Sunrun's twenty analysts earn 20 of the 25, so five points go unclaimed before anything else is counted. Buy-side conviction is the share of ratings that are buys or strong buys scaled to a ceiling of 25, and eleven of twenty lands at 13.8. Three strong buys contribute 6. The options-implied five-day move adds the maximum 15. Positive sentiment adds the last 15. That is 69.8, rounded to 70.

Two thirds of that score, thirty points, comes from two columns that describe the market rather than the analysts: the implied move, which is capped at 15 no matter how far it runs, and a sentiment reading derived from the last four quarters. Not one point in the formula measures short interest, and not one measures how small the company is. Both of those facts are the reason Sunrun scores 70 while carrying the largest short book on the board.

Where Sunrun sits in the short pile

Fourteen names on this board carry short interest of 15% of float or more, and they run in one direction. Sunrun is at 35.6%, Upstart at 31.6%, VNET at 30.1%, Fox at 28.6%, NuScale at 24.9%, The Trade Desk at 22.1%, Lyft at 21.7%, SolarEdge at 20.7%, Globant at 20.3%, Wix at 18.2%, EPAM at 17.6% and BILL at 17.3%. The median across all 100 names is 4.2%.

The names Sunrun is scored alongside are not in that pile. Datadog is at 3.4% short, AppLovin at 3.8%, FIS at 4.3%, Trimble at 4.7%, Atlassian at 6.0%, and the biggest of them all, NVIDIA, sits at 1.3%. Sunrun's own print date makes the contrast sharp: Datadog, top of the board at a score of 98, reports on November 4 with 3.4% of float short, and Sunrun reports the same day with 35.6%. Two companies in the same session, one with a crowded book and one with almost none, and the implied moves are 76.7% and 85.2%.

A thin book behind a wide price

The second thing that makes Sunrun unusual is how few people are writing about it. Twenty analysts is not the thinnest coverage on this board, because sixteen names are carried by fifteen analysts or fewer, and DIOD, INOD, SONY and TCEHY have four each. But Sunrun sits just outside that group with three strong buys, eight buys, nine holds and not one sell rating, and that thinness is why its coverage column leaves five points on the table.

Compare that with the crowded names around it. The Trade Desk carries eight sells out of thirty-six ratings and a Negative sentiment reading. SolarEdge has nineteen holds out of twenty-five and four sells, with a 76.0% hold share, the highest on the board. Globant has thirteen holds out of twenty-three and a Mixed reading. Upstart is Mixed on sixteen analysts. NuScale is Negative with four sells out of eighteen. Sunrun is the one name in that crowded group carrying a full 15 points for Positive sentiment and a zero sell rating, which is the single most bullish thing about it.

What the options are charging

Sunrun's at-the-money straddle costs about $1.15 against a $7.50 price, 15.3% of the share price, and the scanner carries that as the $8.64 post-earnings target. Three times the straddle lands on $10.94, a 46.0% implied move, and five times on $13.24, a 76.7% implied move. The implied volatility reading of 138.9% ranks ninetieth of the ninety-nine names with a chain, behind only MRVI at 180.8% and a handful of the loudest names on the board, against a median of 69.0%.

Among the names scoring 70 or more, that 76.7% is the seventh widest five-day implied move on the board: Lattice Semiconductor at 97.5%, JFrog at 96.3%, AppLovin at 88.8%, Datadog at 85.2%, Riot Platforms at 82.7%, Atlassian at 78.0%, and then Sunrun. A name with twenty analysts and a 4% short-free book is priced in the same bracket as Datadog with forty-seven analysts and a 3.4% short interest. The options market is not pricing Sunrun's coverage. It is pricing its float.

The stock has not moved at all

Sunrun closed at $7.79 on October 13, $6.89 on October 19, $7.42 on October 28 and $7.59 on Thursday, and it stood at $7.50 in Friday's morning scan. That is 8.85% above its own one-month low and 3.72% below its one-month high, a 90-cent range covering the whole of October. The week measure reads -1.43% and the month reads -2.32%.

A stock can sit inside a 90-cent band for a month while the options price a 76.7% move, and that is what has happened here. Sunrun has not reported and does not report for another five days, so none of that range is a reaction to its own quarter. The options are not waiting for the tape to confirm anything. They are pricing the event on the float, and the float is where the crowding is.

Where the comparison lands

Sunrun's market capitalization of $1.81 billion is the fifth smallest of the 100 names on this board, behind only Clean Energy Fuels at $0.33 billion, iQIYI at $0.79 billion, VNET at $0.90 billion and Innodata at $1.49 billion. A 76.7% move on a $1.81 billion company is $1.39 billion of market value. Datadog's 85.2% move on $88.06 billion is $75 billion. The percentage is the same order; the dollars are not.

Twenty names print on November 4, and they include not only Datadog at 98 and AppLovin at 81 but MercadoLibre at 78, Edwards Lifesciences at 76, Riot Platforms at 75, Albemarle at 72, Emerson at 72, FICO at 71, Trimble at 70, HubSpot at 69 and FIS at 67. Sunrun's own read-through is therefore a matter of what the day does with the crowded names rather than with the AI complex: SolarEdge prints the same day with 20.7% short and an 88.9% implied move, and AppLovin with 3.8% short and an 88.8% move.

What to watch

• The 35.6% short interest against the board's 4.2% median, because that is the fact the score of 70 cannot express and the reason the implied move is 76.7% rather than the 20% or so a comparable score usually carries.
• The $1.15 straddle and the $13.24 five-times-straddle target, because on a $1.81 billion company that target is a $3.20 billion market cap if it is reached.
• SolarEdge on November 4, at 20.7% short and an 88.9% implied move, because the crowded half of this board moves together or not at all.
• The zero sell rating, which is unusual in a name with nine holds, and is the cleanest thing on this row if the print is good.
• The 90-cent range the stock has held since October 13, because a squeeze usually needs a catalyst, and nothing in the tape has supplied one yet.

None of this is a call on the quarter. It is a description of where Sunrun sits against comparable names on crowding and valuation. On short interest it is the extreme case of the board. On the priced event it is grouped with Datadog and Atlassian. On the analyst book it is thin, and on the score formula it is invisible, because two thirds of the 70 comes from columns that do not measure either the short book or the $1.81 billion of stock that short book is pressing against.