Sunrun (NASDAQ:RUN) Hits New 1-Year Low – What’s Next?

Sunrun Inc. (NASDAQ:RUN)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $5.91 and last traded at $5.93, with a volume of 6171934 shares traded. The stock had previously closed at $6.21.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. TD Cowen reduced their price objective on Sunrun from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Barclays dropped their target price on shares of Sunrun from $18.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. JPMorgan Chase & Co. reduced their price objective on Sunrun from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Truist Financial restated a “hold” rating and issued a $9.00 target price (down from $12.00) on shares of Sunrun in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group dropped their price target on Sunrun from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.20.

Sunrun Price Performance

The firm has a market capitalization of $1.34 billion, a P/E ratio of -3.26 and a beta of 2.84. The business’s fifty day moving average is $7.89 and its 200 day moving average is $11.30. The company has a current ratio of 1.47, a quick ratio of 1.15 and a debt-to-equity ratio of 1.92.

Insider Buying and Selling at Sunrun

In other news, Director Edward Harris Fenster acquired 150,000 shares of the stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $6.80 per share, for a total transaction of $1,020,000.00. Following the transaction, the director now owns 1,358,182 shares in the company, valued at approximately $9,235,637.60. This trade represents a 12.42 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Danny Abajian sold 3,734 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $11.18, for a total transaction of $41,746.12. Following the transaction, the chief financial officer now directly owns 257,969 shares in the company, valued at $2,884,093.42. The trade was a 1.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 121,466 shares of company stock valued at $1,136,397. Corporate insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On Sunrun

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. grew its stake in shares of Sunrun by 593.9% in the 4th quarter. Alyeska Investment Group L.P. now owns 12,028,454 shares of the energy company’s stock valued at $111,263,000 after buying an additional 10,294,947 shares in the last quarter. Greenvale Capital LLP grew its position in Sunrun by 50.3% in the fourth quarter. Greenvale Capital LLP now owns 13,500,000 shares of the energy company’s stock worth $124,875,000 after acquiring an additional 4,516,793 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Sunrun during the 3rd quarter worth $76,152,000. Sylebra Capital LLC raised its holdings in shares of Sunrun by 124.0% during the 4th quarter. Sylebra Capital LLC now owns 6,683,162 shares of the energy company’s stock valued at $61,819,000 after purchasing an additional 3,699,405 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Sunrun in the 4th quarter valued at $31,022,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

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.