Site Centers (SITC) traded 6X open interest on 5/24 with a rare buyer of 1300 July $15 calls for $1 to $1.05, IV30 rising 15.5%. The company has no other notable open interest. Shares rose 7% yesterday and closed near the highs. The company pulled back to support of a narrow multi-month range after a strong run in early 2021. A breakout move above the recent highs at $17 has room to run to $20+. The $3.38B company trades 68X earnings, 6.25X sales, and 1.75X book with a 3.37% yield. SITC is an owner and manager of open-air shopping centers. SITC is coming off of a strong quarter with record new leasing activity and well positioned to produce sustainable NOI growth driven by their pipeline and recent investments. The company views convenience properties as an attractive long-term investment given limited capex given high tenant productivity, high renewal rates, and opportunities to push rents higher. Analysts have an average target for shares of $18 with a Street High $22. Wolfe starting at Outperform recently wihth a $19 PT. The firm prefers strip centers over the office and net lease value REIT sectors, adding that strip centers will not only be able to rebound from COVID disruption, but also rebound from an earnings growth malaise that preceded COVID. The analyst likes Site Centers given its combination of internal growth and refinance savings/RVI preferred redeployment. Short interest is 5.5%.