Sunrun (NASDAQ:RUN) Shares Gap Up on Earnings Beat

Sunrun Inc. (NASDAQ:RUN) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $9.07, but opened at $11.20. Sunrun shares last traded at $12.06, with a volume of 17,374,696 shares traded.

The energy company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $1.25. The business had revenue of $569.34 million for the quarter, compared to analyst estimates of $555.42 million. Sunrun had a negative net margin of 120.59% and a positive return on equity of 13.61%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.55 earnings per share.

Analysts Set New Price Targets

RUN has been the topic of a number of analyst reports. Susquehanna increased their price objective on Sunrun from $12.00 to $13.00 and gave the company a “positive” rating in a report on Thursday. Jefferies Financial Group raised Sunrun from an “underperform” rating to a “hold” rating and boosted their price target for the company from $5.00 to $11.00 in a research note on Wednesday, July 9th. BNP Paribas Exane raised shares of Sunrun from a “neutral” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Monday, July 7th. Citigroup reaffirmed a “neutral” rating and issued a $7.00 price target on shares of Sunrun in a report on Thursday, April 17th. Finally, Wall Street Zen raised Sunrun from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.79.

Insider Buying and Selling

In other Sunrun news, Director Edward Harris Fenster acquired 50,000 shares of the business’s stock in a transaction on Monday, May 12th. The stock was purchased at an average price of $10.87 per share, with a total value of $543,500.00. Following the acquisition, the director directly owned 1,408,182 shares of the company’s stock, valued at approximately $15,306,938.34. This trade represents a 3.68% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Danny Abajian sold 8,909 shares of Sunrun stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $10.80, for a total transaction of $96,217.20. Following the completion of the sale, the chief financial officer owned 446,797 shares of the company’s stock, valued at approximately $4,825,407.60. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,939 shares of company stock valued at $430,264 in the last ninety days. 3.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sunrun

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in shares of Sunrun by 240.2% in the fourth quarter. American Century Companies Inc. now owns 159,189 shares of the energy company’s stock worth $1,472,000 after acquiring an additional 112,402 shares during the last quarter. Sei Investments Co. increased its position in Sunrun by 11.4% during the 4th quarter. Sei Investments Co. now owns 47,003 shares of the energy company’s stock worth $435,000 after purchasing an additional 4,817 shares in the last quarter. LPL Financial LLC lifted its stake in Sunrun by 11.7% in the 4th quarter. LPL Financial LLC now owns 49,608 shares of the energy company’s stock valued at $459,000 after purchasing an additional 5,189 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Sunrun by 31.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 39,432 shares of the energy company’s stock valued at $365,000 after purchasing an additional 9,380 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Sunrun by 180.1% in the fourth quarter. Franklin Resources Inc. now owns 138,891 shares of the energy company’s stock valued at $1,285,000 after buying an additional 89,299 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

Sunrun Trading Up 32.3%

The business’s 50 day simple moving average is $9.18 and its two-hundred day simple moving average is $8.27. The stock has a market cap of $2.74 billion, a P/E ratio of -1.03 and a beta of 2.37. The company has a quick ratio of 0.99, a current ratio of 1.32 and a debt-to-equity ratio of 3.89.

About Sunrun

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.