Sunrun (NASDAQ:RUN) Stock Price Down 5.9% Following Analyst Downgrade

Sunrun Inc. (NASDAQ:RUN)’s share price dropped 5.9% during mid-day trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $19.00 to $17.00. The Goldman Sachs Group currently has a buy rating on the stock. Sunrun traded as low as $10.11 and last traded at $10.20. Approximately 3,259,190 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 9,728,128 shares. The stock had previously closed at $10.84.

Several other analysts have also recently weighed in on RUN. Piper Sandler dropped their price objective on Sunrun from $22.00 to $15.00 and set a “neutral” rating for the company in a report on Friday, October 13th. JPMorgan Chase & Co. dropped their price objective on Sunrun from $21.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. Barclays dropped their price objective on Sunrun from $27.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, October 18th. Truist Financial cut Sunrun from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $30.00 to $12.00 in a report on Wednesday, October 4th. Finally, BNP Paribas initiated coverage on Sunrun in a research note on Friday, October 20th. They issued an “outperform” rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.27.

Insiders Place Their Bets

In other news, Director Lynn Michelle Jurich sold 4,178 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $14.37, for a total transaction of $60,037.86. Following the sale, the director now owns 1,401,182 shares in the company, valued at approximately $20,134,985.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Lynn Michelle Jurich sold 4,178 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $14.37, for a total transaction of $60,037.86. Following the sale, the director now owns 1,401,182 shares in the company, valued at approximately $20,134,985.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeanna Steele sold 2,233 shares of the company’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 sale, the insider now owns 249,953 shares in the company, valued at approximately $3,786,787.95. The disclosure for this sale can be found here. Insiders sold a total of 19,457 shares of company stock valued at $287,987 in the last quarter. 3.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sunrun

Large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new stake in Sunrun in the 3rd quarter valued at $26,000. RFP Financial Group LLC boosted its stake 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 purchasing an additional 1,000 shares in the last quarter. Hartree Partners LP bought a new position in shares of Sunrun during the second quarter worth about $32,000. Hexagon Capital Partners LLC raised its position in shares of Sunrun by 69.8% during the third quarter. Hexagon Capital Partners LLC now owns 3,345 shares of the energy company’s stock worth $42,000 after acquiring an additional 1,375 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its position in shares of 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 acquiring an additional 1,860 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

Sunrun Stock Down 5.1 %

The company has a market capitalization of $2.23 billion, a P/E ratio of -1.87 and a beta of 2.45. The stock has a 50-day moving average price of $12.31 and a 200-day moving average price of $16.02. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.36 and a quick ratio of 0.91.

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.