July 2, 2022

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Sunrun (NASDAQ:RUN) Shares Down 12.6% Following Analyst Downgrade


Shares of Sunrun Inc. (NASDAQ:RUNGet Rating) traded down 12.6% on Monday after Morgan Stanley lowered their price target on the stock from $89.00 to $70.00. Morgan Stanley currently has an overweight rating on the stock. Sunrun traded as low as $22.58 and last traded at $22.58. 113,716 shares traded hands during trading, a decline of 98% from the average session volume of 7,421,187 shares. The stock had previously closed at $25.84.

A number of other analysts also recently weighed in on the stock. Roth Capital reissued a “buy” rating on shares of Sunrun in a research report on Tuesday, February 15th. Susquehanna reissued a “buy” rating and set a $44.00 price target on shares of Sunrun in a research report on Friday, February 18th. BMO Capital Markets decreased their price target on shares of Sunrun from $57.00 to $42.00 in a research report on Friday, February 18th. Wolfe Research decreased their price target on shares of Sunrun from $50.00 to $43.00 and set an “outperform” rating for the company in a research report on Friday, February 18th. Finally, Evercore ISI reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Sunrun in a report on Friday, February 18th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $56.67.

In other Sunrun news, CFO Thomas Arthur Vonreichbauer sold 5,089 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $22.91, for a total value of $116,588.99. Following the sale, the chief financial officer now directly owns 231,502 shares in the company, valued at $5,303,710.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward Harris Fenster sold 21,753 shares of Sunrun stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $31.10, for a total transaction of $676,518.30. The disclosure for this sale can be found here. Insiders sold 32,428 shares of company stock worth $949,294 over the last quarter. 4.40% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of RUN. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Sunrun during the first quarter valued at about $732,000. OLD Mission Capital LLC bought a new stake in shares of Sunrun during the third quarter valued at about $858,000. Dimensional Fund Advisors LP raised its stake in shares of Sunrun by 18.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,660,346 shares of the energy company’s stock valued at $73,039,000 after purchasing an additional 259,619 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Sunrun in the third quarter worth about $84,000. Finally, FIL Ltd raised its position in Sunrun by 135.2% in the third quarter. FIL Ltd now owns 119,618 shares of the energy company’s stock worth $5,263,000 after acquiring an additional 68,767 shares in the last quarter. Institutional investors and hedge funds own 90.54% of the company’s stock.

The company has a quick ratio of 1.08, a current ratio of 1.60 and a debt-to-equity ratio of 1.03. The firm’s 50-day simple moving average is $24.11 and its 200 day simple moving average is $28.51. The stock has a market capitalization of $4.69 billion, a P/E ratio of -31.87 and a beta of 2.22.

Sunrun (NASDAQ:RUNGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The energy company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.38). Sunrun had a negative return on equity of 1.64% and a negative net margin of 8.10%. The business had revenue of $495.78 million during the quarter, compared to the consensus estimate of $401.60 million. During the same quarter last year, the firm posted ($0.11) earnings per share. Sunrun’s revenue was up 48.1% compared to the same quarter last year. As a group, equities analysts anticipate that Sunrun Inc. will post -1 EPS for the current fiscal year.

About Sunrun (NASDAQ:RUN)

Sunrun Inc engages in the design, development, installation, sale, ownership, and maintenance of 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.

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