Norges Bank Purchases New Stake in Sunrun Inc. (NASDAQ:RUN)

Norges Bank acquired a new position in shares of Sunrun Inc. (NASDAQ:RUN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,353,695 shares of the energy company’s stock, valued at approximately $31,022,000. Norges Bank owned about 1.49% of Sunrun as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Sunrun in the fourth quarter valued at $18,500,000. Erste Asset Management GmbH raised its position in Sunrun by 16.3% in the fourth quarter. Erste Asset Management GmbH now owns 4,789,213 shares of the energy company’s stock valued at $47,302,000 after purchasing an additional 672,049 shares during the period. Assenagon Asset Management S.A. increased its stake in Sunrun by 36.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,877,502 shares of the energy company’s stock worth $17,367,000 after buying an additional 501,918 shares during the period. Principal Financial Group Inc. increased its position in shares of Sunrun by 33.7% during the third quarter. Principal Financial Group Inc. now owns 1,460,949 shares of the energy company’s stock worth $26,385,000 after acquiring an additional 367,835 shares during the period. Finally, Vanguard Group Inc. raised its position in Sunrun by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 23,749,115 shares of the energy company’s stock valued at $219,679,000 after purchasing an additional 343,448 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on RUN shares. StockNews.com raised Sunrun to a “sell” rating in a research report on Friday, December 20th. JPMorgan Chase & Co. decreased their price objective on Sunrun from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. The Goldman Sachs Group dropped their target price on Sunrun from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Royal Bank of Canada decreased their price target on Sunrun from $17.00 to $14.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Finally, BNP Paribas upgraded shares of Sunrun from a “neutral” rating to an “outperform” rating and set a $16.00 price objective for the company in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Sunrun currently has a consensus rating of “Moderate Buy” and an average price target of $17.20.

Sunrun Stock Up 6.1 %

Shares of NASDAQ RUN opened at $6.99 on Monday. The firm’s 50-day moving average is $7.61 and its two-hundred day moving average is $10.74. The company has a market capitalization of $1.58 billion, a PE ratio of -3.84 and a beta of 2.74. Sunrun Inc. has a 12-month low of $5.55 and a 12-month high of $22.26. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.47 and a quick ratio of 1.15.

Insider Activity at Sunrun

In related news, Director Lynn Michelle Jurich sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $9.10, for a total transaction of $455,000.00. Following the sale, the director now owns 941,753 shares in the company, valued at approximately $8,569,952.30. This trade represents a 5.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward Harris Fenster purchased 150,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $6.80 per share, with a total value of $1,020,000.00. Following the completion of the acquisition, the director now directly owns 1,358,182 shares in the company, valued at $9,235,637.60. The trade was a 12.42 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 108,402 shares of company stock valued at $990,341. 3.77% of the stock is owned by corporate insiders.

Sunrun Company Profile

Sunrun Inc designs, develops, installs, sells, owns, and maintains 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.