Trader bets sun will shine on SunPower

It hasn't been a great year for many solar stocks. Despite impressive gains in early Friday trading, SunPower, SolarCity and First Solar are all down on the year. But one trader seems to think that the sun is set to shine on shares of SunPower.

On Thursday, one trader bought 3,500 January 29/32 call spreads for $1.20 per share. This trade only makes money if SunPower shares rise above the lower strike price, $29, by more than the cost of the trade in the next two months, or above $30.20. Maximum profit is appreciated if the shares rise to $32, or 10 percent above Thursday's closing price.

The trade set this SunPower bull back $420,000, but stands to make the trader $630,000 if the hoped-for move materializes.

Read MoreSunPower CEO: 'We'll be back'

Ballonboy101 | Wikimedia Commons

It is worth noting that while $32 is 10 percent above Thursday's close of $29.09, the move is not an outlandish one given how much the solar stocks whips around. SunPower stock was at $32 earlier this month.

"The nice thing when somebody buys a call spread is that we really get a good view into what they're thinking," Mike Khouw commented Thursday on CNBC's "Fast Money." In other words, we see that the trader expects the stock to be above $30.20 in January, but not to rise much above $32.

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    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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