Sunrun (NASDAQ:RUN) Shares Down 4.9% – Here’s What Happened

Sunrun Inc. (NASDAQ:RUN)’s stock price fell 4.9% during trading on Monday. The stock traded as low as $7.01 and last traded at $6.9450. 1,269,754 shares were traded during trading, a decline of 86% from the average daily volume of 9,221,352 shares. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

RUN has been the topic of a number of research reports. Morgan Stanley dropped their price objective on Sunrun from $15.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 14th. Royal Bank Of Canada decreased their target price on Sunrun from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Wall Street Zen raised Sunrun from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings upgraded shares of Sunrun from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 9th. Finally, The Goldman Sachs Group dropped their price target on shares of Sunrun from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Sunrun has a consensus rating of “Hold” and a consensus price target of $14.98.

Sunrun Stock Performance

The company has a debt-to-equity ratio of 3.34, a quick ratio of 1.00 and a current ratio of 1.42. The company has a market cap of $1.68 billion, a P/E ratio of 4.72 and a beta of 2.44. The firm has a 50 day moving average price of $8.57 and a 200-day moving average price of $11.35.

Sunrun (NASDAQ:RUN) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.19. The company had revenue of $869.99 million for the quarter, compared to the consensus estimate of $746.87 million. Sunrun had a net margin of 11.59% and a return on equity of 9.59%. The business’s revenue was up 52.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 EPS. On average, research analysts predict that Sunrun Inc. will post 1.46 EPS for the current year.

Insider Buying and Selling at Sunrun

In other Sunrun news, CFO Danny Abajian sold 16,734 shares of Sunrun stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $7.76, for a total value of $129,855.84. Following the completion of the transaction, the chief financial officer owned 386,532 shares in the company, valued at approximately $2,999,488.32. The trade was a 4.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Paul S. Dickson sold 15,837 shares of Sunrun stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $7.76, for a total value of $122,895.12. Following the completion of the transaction, the executive directly owned 823,702 shares of the company’s stock, valued at $6,391,927.52. This represents a 1.89% 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. Insiders sold 118,719 shares of company stock worth $1,031,277 over the last 90 days. Company insiders own 3.55% of the company’s stock.

Hedge Funds Weigh In On Sunrun

A number of large investors have recently modified their holdings of RUN. Leonteq Securities AG boosted its position in Sunrun by 26.8% in the 1st quarter. Leonteq Securities AG now owns 6,281 shares of the energy company’s stock valued at $85,000 after buying an additional 1,327 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Sunrun during the 4th quarter valued at about $27,000. Van ECK Associates Corp raised its position in shares of Sunrun by 3.7% during the 2nd quarter. Van ECK Associates Corp now owns 42,838 shares of the energy company’s stock valued at $573,000 after acquiring an additional 1,528 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Sunrun during the second quarter worth $25,000. Finally, Pictet Asset Management Holding SA grew its stake in shares of Sunrun by 6.0% during the first quarter. Pictet Asset Management Holding SA now owns 37,646 shares of the energy company’s stock worth $510,000 after purchasing an additional 2,137 shares during the period. 91.69% of the stock is currently owned by institutional investors and hedge funds.

About Sunrun

Sunrun Inc is a residential solar energy company that designs, installs, owns and maintains solar energy systems for homeowners. The company typically provides electricity through long-term agreements, including solar leases and power purchase agreements, allowing customers to use electricity generated by rooftop solar systems without purchasing the equipment outright.

Sunrun also offers energy storage solutions, including its BrightBox battery system, which can store electricity for use during outages, periods of high demand or when solar generation is unavailable.