Sunrun Inc. (NASDAQ:RUN – Get Free Report)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $12.81, but opened at $15.49. Sunrun shares last traded at $15.9440, with a volume of 16,164,102 shares traded.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on RUN shares. TD Cowen reduced their price target on Sunrun from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Susquehanna dropped their price objective on Sunrun from $24.00 to $19.00 and set a “positive” rating on the stock in a report on Thursday, April 9th. Zacks Research downgraded Sunrun from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 2nd. Mizuho reduced their target price on Sunrun from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $18.00 price target on shares of Sunrun in a research report on Thursday, May 7th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.98.
Sunrun Stock Up 27.1%
Sunrun (NASDAQ:RUN – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.67. Sunrun had a return on equity of 14.06% and a net margin of 17.88%.The company had revenue of $722.23 million during the quarter, compared to analyst estimates of $688.50 million. During the same quarter last year, the company earned $0.20 earnings per share. The firm’s quarterly revenue was up 43.2% on a year-over-year basis. Sell-side analysts predict that Sunrun Inc. will post 1.09 earnings per share for the current fiscal year.
Insider Activity
In related news, insider Jeanna Steele sold 76,478 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $13.25, for a total value of $1,013,333.50. Following the transaction, the insider directly owned 384,538 shares in the company, valued at approximately $5,095,128.50. This represents a 16.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mary Powell sold 193,002 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $13.25, for a total transaction of $2,557,276.50. Following the completion of the sale, the chief executive officer directly owned 934,282 shares in the company, valued at $12,379,236.50. This represents a 17.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 694,816 shares of company stock worth $9,366,473. Company insiders own 3.55% of the company’s stock.
Hedge Funds Weigh In On Sunrun
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC raised its position in shares of Sunrun by 26.3% during the 1st quarter. Empowered Funds LLC now owns 20,856 shares of the energy company’s stock valued at $283,000 after buying an additional 4,342 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Sunrun by 74.7% during the 1st quarter. Bank of America Corp DE now owns 2,054,524 shares of the energy company’s stock worth $27,859,000 after acquiring an additional 878,319 shares during the last quarter. Amundi grew its position in Sunrun by 56.3% in the first quarter. Amundi now owns 3,300,626 shares of the energy company’s stock worth $44,798,000 after acquiring an additional 1,188,564 shares in the last quarter. California State Teachers Retirement System grew its position in Sunrun by 22.4% in the first quarter. California State Teachers Retirement System now owns 267,162 shares of the energy company’s stock worth $3,623,000 after acquiring an additional 48,965 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Sunrun by 3.9% in the first quarter. The Manufacturers Life Insurance Company now owns 149,359 shares of the energy company’s stock valued at $2,025,000 after acquiring an additional 5,545 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.
About Sunrun
Sunrun, Inc (NASDAQ: RUN) is a leading provider of residential solar energy systems in the United States. The company designs, installs and maintains rooftop solar panels and battery storage solutions for homeowners under flexible financing arrangements. Customers can choose from leasing, power purchase agreements or solar ownership models, all of which are supported by Sunrun’s network of installation partners and service technicians. Sunrun also offers integrated home energy management services, including its Brightbox battery storage product, which enables customers to store solar energy for use during peak hours or power outages.
Founded in 2007 by Lynn Jurich, Ed Fenster and Nat Kreamer, Sunrun is headquartered in San Francisco, California.
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