Sunrun (NASDAQ:RUN) Shares Down 5.8% After Analyst Downgrade

Sunrun Inc. (NASDAQ:RUN)’s share price was down 5.8% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $35.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sunrun traded as low as $14.15 and last traded at $14.19. Approximately 4,817,497 shares traded hands during trading, a decline of 47% from the average daily volume of 9,076,377 shares. The stock had previously closed at $15.06.

Other equities research analysts also recently issued research reports about the company. Janney Montgomery Scott raised Sunrun from a “neutral” rating to a “buy” rating in a report on Thursday, August 3rd. Piper Sandler lifted their target price on Sunrun from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, August 3rd. KeyCorp dropped their target price on Sunrun from $27.00 to $24.00 and set an “overweight” rating for the company in a report on Thursday, August 17th. Barclays dropped their target price on Sunrun from $31.00 to $27.00 in a report on Thursday, July 13th. Finally, Guggenheim dropped their target price on Sunrun from $37.00 to $34.00 and set a “buy” rating for the company in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.60.

Insider Buying and Selling at Sunrun

In other news, Director Edward Harris Fenster sold 4,505 shares of Sunrun stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $20.00, for a total transaction of $90,100.00. Following the sale, the director now directly owns 1,258,325 shares of the company’s stock, valued at $25,166,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Edward Harris Fenster sold 4,505 shares of Sunrun stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $20.00, for a total value of $90,100.00. Following the transaction, the director now directly owns 1,258,325 shares of the company’s stock, valued at $25,166,500. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Danny Abajian sold 2,030 shares of Sunrun 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 $30,754.50. Following the completion of the transaction, the chief financial officer now directly owns 214,943 shares in the company, valued at $3,256,386.45. The disclosure for this sale can be found here. Insiders have sold a total of 43,612 shares of company stock worth $803,660 over the last 90 days. Insiders own 3.76% of the company’s stock.

Hedge Funds Weigh In On Sunrun

Institutional investors have recently added to or reduced their stakes in the business. RFP Financial Group LLC increased its holdings in shares of Sunrun by 153.8% during the second quarter. RFP Financial Group LLC now owns 1,650 shares of the energy company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Hartree Partners LP bought a new stake in Sunrun during the second quarter worth $32,000. Belpointe Asset Management LLC grew 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 in the last quarter. Salem Investment Counselors Inc. grew its holdings in Sunrun by 3,750.0% during the first quarter. Salem Investment Counselors Inc. now owns 1,540 shares of the energy company’s stock worth $47,000 after buying an additional 1,500 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in Sunrun by 40.0% during the first quarter. Exchange Traded Concepts LLC now owns 3,075 shares of the energy company’s stock worth $62,000 after buying an additional 879 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Sunrun Price Performance

The company has a fifty day moving average of $16.94 and a 200-day moving average of $18.19. The firm has a market cap of $3.06 billion, a P/E ratio of 37.11 and a beta of 2.32. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.47 and a quick ratio of 0.91.

Sunrun (NASDAQ:RUN) last announced 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 return on equity of 1.18% and a net margin of 3.66%. The business had revenue of $590.20 million during the quarter, compared to the consensus estimate of $627.73 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. Sunrun’s revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Sunrun Inc. will post -0.88 EPS for the current fiscal year.

About Sunrun

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.