Sunrun (NASDAQ:RUN) Trading Down 6.8% – Here’s What Happened

Sunrun Inc. (NASDAQ:RUN)’s stock price dropped 6.8% on Monday . The stock traded as low as $6.33 and last traded at $6.39. Approximately 1,654,781 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 11,509,096 shares. The stock had previously closed at $6.85.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Sunrun from $15.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on shares of Sunrun from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. TD Cowen dropped their price objective on shares of Sunrun from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, February 28th. BMO Capital Markets dropped their price target on shares of Sunrun from $11.00 to $9.00 and set a “market perform” rating for the company in a research report on Monday, March 3rd. Finally, BNP Paribas upgraded Sunrun from a “neutral” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Sunrun presently has an average rating of “Hold” and an average price target of $15.68.

Sunrun Price Performance

The stock has a market cap of $1.48 billion, a P/E ratio of -3.60 and a beta of 2.74. The company has a current ratio of 1.47, a quick ratio of 1.15 and a debt-to-equity ratio of 1.92. The business has a 50-day simple moving average of $7.00 and a 200 day simple moving average of $9.80.

Insider Buying and Selling at Sunrun

In other Sunrun news, Director Lynn Michelle Jurich sold 50,000 shares of Sunrun stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $9.10, for a total value of $455,000.00. Following the sale, the director now owns 941,753 shares of the company’s stock, valued at approximately $8,569,952.30. The trade was a 5.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Danny Abajian sold 16,927 shares of Sunrun stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $6.74, for a total transaction of $114,087.98. Following the completion of the transaction, the chief financial officer now owns 231,279 shares of the company’s stock, valued at $1,558,820.46. This represents a 6.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 138,540 shares of company stock valued at $1,050,944. 3.77% of the stock is currently owned by insiders.

Institutional Trading of Sunrun

A number of hedge funds have recently made changes to their positions in RUN. KLP Kapitalforvaltning AS purchased a new position in Sunrun in the 4th quarter worth approximately $402,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of Sunrun in the fourth quarter worth $18,500,000. Charles Schwab Investment Management Inc. boosted its position in Sunrun by 7.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,325,562 shares of the energy company’s stock valued at $21,511,000 after buying an additional 155,311 shares during the period. Essex Investment Management Co. LLC bought a new stake in Sunrun in the 4th quarter worth $403,000. Finally, Principal Financial Group Inc. increased its position in shares of Sunrun by 33.7% in the third quarter. Principal Financial Group Inc. now owns 1,460,949 shares of the energy company’s stock valued at $26,385,000 after acquiring an additional 367,835 shares during the period. 91.69% of the stock is owned by institutional investors.

About Sunrun

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.