Sunrun (NASDAQ:RUN) Shares Gap Up on Analyst Upgrade

Sunrun Inc. (NASDAQ:RUN) shares gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $31.00 to $35.00. The stock had previously closed at $19.09, but opened at $19.63. Morgan Stanley currently has an overweight rating on the stock. Sunrun shares last traded at $19.62, with a volume of 439,160 shares.

Several other analysts also recently issued reports on RUN. JPMorgan Chase & Co. upped their price objective on shares of Sunrun from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Evercore ISI lowered their price target on Sunrun from $42.00 to $38.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group cut their price objective on Sunrun from $32.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Barclays raised their target price on Sunrun from $16.00 to $19.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Truist Financial reiterated a “hold” rating and set a $18.00 price target (up from $12.00) on shares of Sunrun in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Sunrun currently has a consensus rating of “Moderate Buy” and an average target price of $22.98.

Insider Activity at Sunrun

In related news, CFO Danny Abajian sold 2,092 shares of Sunrun stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $14.43, for a total transaction of $30,187.56. Following the completion of the transaction, the chief financial officer now directly owns 288,448 shares of the company’s stock, valued at approximately $4,162,304.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sunrun news, CFO Danny Abajian sold 2,092 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $14.43, for a total value of $30,187.56. Following the transaction, the chief financial officer now owns 288,448 shares of the company’s stock, valued at $4,162,304.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lynn Michelle Jurich sold 50,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.11, for a total value of $605,500.00. Following the completion of the sale, the director now owns 1,344,383 shares of the company’s stock, valued at $16,280,478.13. The disclosure for this sale can be found here. Insiders have sold a total of 288,918 shares of company stock valued at $4,352,381 in the last 90 days. 3.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Sunrun by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 19,581,958 shares of the energy company’s stock valued at $384,394,000 after acquiring an additional 176,861 shares during the period. Truist Financial Corp acquired a new stake in shares of Sunrun during the 4th quarter worth approximately $307,000. Victory Capital Management Inc. raised its stake in shares of Sunrun by 579.1% during the fourth quarter. Victory Capital Management Inc. now owns 258,697 shares of the energy company’s stock worth $5,078,000 after buying an additional 220,605 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Sunrun by 142.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 242,702 shares of the energy company’s stock valued at $3,199,000 after buying an additional 142,563 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Sunrun by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,781,951 shares of the energy company’s stock valued at $54,617,000 after acquiring an additional 179,688 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

Sunrun Stock Up 1.7 %

The firm has a market cap of $4.46 billion, a P/E ratio of -2.99 and a beta of 2.61. The business has a fifty day moving average of $15.67 and a 200 day moving average of $13.60. The company has a quick ratio of 1.31, a current ratio of 1.66 and a debt-to-equity ratio of 1.84.

Sunrun (NASDAQ:RUN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.88. Sunrun had a negative net margin of 66.36% and a negative return on equity of 2.41%. The company had revenue of $523.87 million for the quarter, compared to analysts’ expectations of $516.76 million. During the same period last year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. On average, equities research analysts predict that Sunrun Inc. will post -0.48 EPS for the current year.

Sunrun Company Profile

Sunrun Inc designs, develops, installs, sells, owns, and maintains residential solar energy systems in the United States. It also sells solar energy systems and products, such as panels and racking; and solar leads generated to customers. In addition, the company offers battery storage along with solar energy systems; and sells services to commercial developers through multi-family and new homes.