Sunrun (NASDAQ:RUN) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Sunrun’s price target from $14 to $12 while maintaining an “overweight” rating, implying approximately 74% upside from the stock’s previous close of $6.89.
• Analyst sentiment is mixed: 12 analysts rate Sunrun a Buy, seven rate it Hold and two rate it Sell, resulting in a consensus “Hold” rating and an average price target of $14.39.
• Sunrun’s latest quarterly results exceeded expectations, with adjusted EPS of $0.42 versus a $0.23 estimate and revenue of $869.99 million, up 52.8% year over year.

Sunrun (NASDAQ:RUN - Get Free Report) had its price target lowered by JPMorgan Chase & Co. from $14.00 to $12.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 74.17% from the company's previous close.

A number of other equities research analysts have also recently issued reports on RUN. Roth Capital restated a "buy" rating on shares of Sunrun in a report on Thursday, July 9th. Wall Street Zen upgraded Sunrun from a "sell" rating to a "hold" rating in a research note on Sunday. Weiss Ratings upgraded Sunrun from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, October 9th. Jefferies Financial Group reissued a "hold" rating and set a $7.00 price objective on shares of Sunrun in a research report on Friday, October 9th. Finally, Citigroup decreased their target price on Sunrun from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, October 9th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.39.

Sunrun Stock Performance

Shares of Sunrun stock traded down $0.41 on Monday, reaching $6.89. The stock had a trading volume of 8,287,719 shares, compared to its average volume of 9,258,108. The business's 50-day moving average price is $8.57 and its two-hundred day moving average price is $11.35. The company has a debt-to-equity ratio of 3.34, a quick ratio of 1.00 and a current ratio of 1.42. Sunrun has a fifty-two week low of $6.87 and a fifty-two week high of $21.95. The stock has a market cap of $1.66 billion, a P/E ratio of 4.66 and a beta of 2.44.

Sunrun (NASDAQ:RUN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.19. The business had revenue of $869.99 million during the quarter, compared to the consensus estimate of $746.87 million. Sunrun had a net margin of 11.59% and a return on equity of 9.59%. Sunrun's quarterly revenue was up 52.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. On average, sell-side analysts forecast that Sunrun will post 1.46 EPS for the current year.

Insider Activity

In other Sunrun news, Director Lynn Jurich sold 50,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $9.96, for a total value of $498,000.00. Following the completion of the sale, the director directly owned 367,405 shares of the company's stock, valued at $3,659,353.80. This represents a 11.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Danny Abajian sold 16,734 shares of the firm's stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $7.76, for a total transaction of $129,855.84. Following the completion of the sale, the chief financial officer owned 386,532 shares in the company, valued at $2,999,488.32. This represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 118,719 shares of company stock worth $1,031,277. Corporate insiders own 3.55% of the company's stock.

Hedge Funds Weigh In On Sunrun

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new position in shares of Sunrun in the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Sunrun during the 4th quarter worth approximately $27,000. Summit Securities Group LLC acquired a new stake in Sunrun in the 1st quarter valued at $36,000. Nykredit A S acquired a new stake in Sunrun in the 2nd quarter valued at $78,000. Finally, Leonteq Securities AG boosted its stake in Sunrun by 26.8% in the 1st quarter. Leonteq Securities AG now owns 6,281 shares of the energy company's stock valued at $85,000 after buying an additional 1,327 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

About Sunrun

Sunrun Inc is a residential solar energy company that designs, installs, owns and maintains solar energy systems for homeowners. The company typically provides electricity through long-term agreements, including solar leases and power purchase agreements, allowing customers to use electricity generated by rooftop solar systems without purchasing the equipment outright.

Sunrun also offers energy storage solutions, including its BrightBox battery system, which can store electricity for use during outages, periods of high demand or when solar generation is unavailable.

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