Sunrun Inc. (NASDAQ:RUN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, August 9th.
According to Zacks, “Sunrun Inc. develops, owns, manages and sells residential solar energy systems. The Company provides solar service offerings through channels consists of direct-to-consumer channel, solar partner channel and strategic partnership channel. It also develops and sells mounting structures through the installation and distribution operations under the SnapNrack brand. The Company operates primarily in Arizona, California, Delaware, Colorado, Connecticut, Hawaii, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania and South Carolina, as well as the District of Columbia. Sunrun Inc. is headquartered in San Francisco, California. “
Several other equities research analysts have also recently commented on RUN. Goldman Sachs Group, Inc. (The) set a $10.00 price target on Sunrun and gave the company a “buy” rating in a research note on Tuesday, June 20th. ValuEngine raised Sunrun from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Finally, Barclays PLC upped their target price on Sunrun from $6.00 to $8.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 8th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $9.24.
Sunrun (NASDAQ:RUN) traded up 3.01% during midday trading on Wednesday, hitting $6.85. 840,579 shares of the company’s stock traded hands. The company has a 50 day moving average of $7.10 and a 200-day moving average of $5.82. Sunrun has a 52 week low of $4.15 and a 52 week high of $7.64. The company has a market capitalization of $727.20 million, a PE ratio of 8.79 and a beta of -0.69.
Sunrun (NASDAQ:RUN) last issued its earnings results on Monday, August 7th. The energy company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $137.85 million for the quarter, compared to the consensus estimate of $143.35 million. Sunrun had a return on equity of 8.76% and a net margin of 17.65%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. Equities research analysts predict that Sunrun will post $1.01 earnings per share for the current year.
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In other Sunrun news, Chairman Edward Harris Fenster sold 115,094 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $6.82, for a total transaction of $784,941.08. Following the completion of the sale, the chairman now owns 2,371,439 shares of the company’s stock, valued at $16,173,213.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.13% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System raised its position in shares of Sunrun by 4.8% in the first quarter. California Public Employees Retirement System now owns 44,000 shares of the energy company’s stock worth $238,000 after buying an additional 2,000 shares during the period. American International Group Inc. raised its position in shares of Sunrun by 7.1% in the first quarter. American International Group Inc. now owns 38,950 shares of the energy company’s stock worth $210,000 after buying an additional 2,579 shares during the period. Legal & General Group Plc raised its position in shares of Sunrun by 16.3% in the second quarter. Legal & General Group Plc now owns 19,795 shares of the energy company’s stock worth $141,000 after buying an additional 2,768 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Sunrun by 15.0% in the second quarter. Oppenheimer & Co. Inc. now owns 34,093 shares of the energy company’s stock worth $243,000 after buying an additional 4,443 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of Sunrun by 10.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 49,342 shares of the energy company’s stock worth $266,000 after buying an additional 4,634 shares during the period. Institutional investors own 71.41% of the company’s stock.
Sunrun Company Profile
Sunrun Inc is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (Projects) in the United States. The Company is engaged in providing solar energy services and products to its customers. As of December 31, 2016, it operated a fleet of residential solar energy systems in the United States, with approximately 134,000 customers across 16 states, as well as the District of Columbia.
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