Sunrun (NASDAQ:RUN) Shares Down 7% on Analyst Downgrade

Posted by Defense World Staff on Oct 19th, 2023

Sunrun Inc. (NASDAQ:RUN – Get Free Report)’s share price traded down 7% during trading on Wednesday after Citigroup lowered their price target on the stock from $21.00 to $19.00. Citigroup currently has a buy rating on the stock. Sunrun traded as low as $11.25 and last traded at $11.33. 5,545,815 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 9,355,869 shares. The stock had previously closed at $12.18.

RUN has been the topic of several other reports. Barclays cut their target price on shares of Sunrun from $27.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. reduced their price objective on shares of Sunrun from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Friday, September 15th. Janney Montgomery Scott upgraded Sunrun from a “neutral” rating to a “buy” rating in a report on Thursday, August 3rd. Susquehanna reduced their price target on Sunrun from $33.00 to $26.00 and set a “positive” rating on the stock in a research report on Monday, October 2nd. Finally, KeyCorp decreased their price target on Sunrun from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, October 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.26.

View Our Latest Stock Analysis on Sunrun

Insider Buying and Selling at Sunrun

In other news, CEO Mary Powell sold 1,744 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $15.79, for a total transaction of $27,537.76. Following the transaction, the chief executive officer now directly owns 410,900 shares of the company’s stock, valued at $6,488,111. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jeanna Steele sold 2,233 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $15.15, for a total value of $33,829.95. Following the transaction, the insider now owns 249,953 shares in the company, valued at $3,786,787.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mary Powell sold 1,744 shares of Sunrun stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $15.79, for a total value of $27,537.76. Following the transaction, the chief executive officer now directly owns 410,900 shares in the company, valued at approximately $6,488,111. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,457 shares of company stock valued at $287,987. Company insiders own 3.76% of the company’s stock.

Hedge Funds Weigh In On Sunrun

Large investors have recently bought and sold shares of the stock. Salem Investment Counselors Inc. boosted its position in Sunrun by 3,750.0% in the first quarter. Salem Investment Counselors Inc. now owns 1,540 shares of the energy company’s stock worth $47,000 after purchasing an additional 1,500 shares during the last quarter. RFP Financial Group LLC raised its stake in shares of Sunrun by 153.8% during the 2nd quarter. RFP Financial Group LLC now owns 1,650 shares of the energy company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Hartree Partners LP purchased a new position in shares of Sunrun in the 2nd quarter worth about $32,000. International Assets Investment Management LLC bought a new position in Sunrun during the third quarter valued at about $26,000. Finally, Belpointe Asset Management LLC increased its holdings in Sunrun by 735.2% during the first quarter. Belpointe Asset Management LLC now owns 2,113 shares of the energy company’s stock worth $43,000 after buying an additional 1,860 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

Sunrun Trading Down 5.1 %

The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 1.25. The firm has a market cap of $2.51 billion, a P/E ratio of 29.89 and a beta of 2.35. The firm’s 50-day simple moving average is $13.75 and its 200 day simple moving average is $16.99.

Sunrun (NASDAQ:RUN – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The energy company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.59. Sunrun had a net margin of 3.66% and a return on equity of 1.18%. The company had revenue of $590.20 million during the quarter, compared to analyst estimates of $627.73 million. During the same quarter last year, the business posted ($0.06) EPS. Sunrun’s quarterly revenue was up 1.0% compared to the same quarter last year. As a group, analysts expect that Sunrun Inc. will post -0.88 earnings per share for the current year.

About Sunrun

(Get Free Report)

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; and sells services to commercial developers through multi-family and new homes.