Wells Fargo & Company Has Lowered Expectations for Sunrun (NASDAQ:RUN) Stock Price

Key Points

• Wells Fargo cut its Sunrun price target from $17 to $14 but maintained an “overweight” rating; the new target implies about 62% upside from the cited share price of $8.64.
• Analyst views remain broadly positive: MarketBeat lists a “Moderate Buy” consensus and a $13.04 average price target, with 11 Buy, eight Hold, and one Sell rating.
• Sunrun beat quarterly estimates, reporting EPS of $0.56 versus $0.16 expected and revenue of $1.10 billion, up 51.7% year over year.

Sunrun (NASDAQ:RUN - Get Free Report) had its price target lowered by research analysts at Wells Fargo & Company from $17.00 to $14.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an "overweight" rating on the energy company's stock. Wells Fargo & Company's price target would indicate a potential upside of 61.94% from the company's current price.

A number of other equities research analysts have also issued reports on the company. TD Cowen reduced their target price on Sunrun from $21.00 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Citigroup dropped their price target on Sunrun from $14.00 to $13.00 and set a "buy" rating for the company in a research report on Thursday, November 5th. Jefferies Financial Group reissued a "hold" rating and issued a $7.00 price target on shares of Sunrun in a report on Friday, October 9th. Wall Street Zen raised Sunrun from a "sell" rating to a "hold" rating in a report on Sunday, October 18th. Finally, JPMorgan Chase & Co. reduced their price objective on Sunrun from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report on Thursday, November 5th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $13.04.

Sunrun Price Performance

Shares of NASDAQ RUN traded up $0.12 on Friday, hitting $8.64. The company's stock had a trading volume of 1,971,262 shares, compared to its average volume of 9,541,129. Sunrun has a 12-month low of $6.78 and a 12-month high of $21.95. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 4.33 and a beta of 2.35. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.52 and a quick ratio of 1.05. The stock has a 50 day moving average of $8.15 and a 200-day moving average of $12.06.

Sunrun (NASDAQ:RUN - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.16 by $0.40. Sunrun had a net margin of 14.01% and a return on equity of 12.31%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $757.53 million. During the same period in the prior year, the business earned $0.06 earnings per share. The company's quarterly revenue was up 51.7% on a year-over-year basis. As a group, research analysts predict that Sunrun will post 1.76 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Danny Abajian sold 16,734 shares of Sunrun stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $7.76, for a total value of $129,855.84. Following the transaction, the chief financial officer owned 386,532 shares in the company, valued at approximately $2,999,488.32. This trade represents a 4.15% 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 the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jeanna Steele sold 10,042 shares of the business's stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $7.76, for a total value of $77,925.92. Following the sale, the insider directly owned 451,673 shares of the company's stock, valued at approximately $3,504,982.48. This trade represents a 2.17% decrease in their position. 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. In the last ninety days, insiders sold 71,975 shares of company stock worth $563,721. Corporate insiders own 3.55% of the company's stock.

Hedge Funds Weigh In On Sunrun

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in Sunrun during the 2nd quarter worth approximately $29,953,000. Bank of New York Mellon Corp purchased a new position in shares of Sunrun in the 2nd quarter valued at $18,120,000. Robeco Schweiz AG raised its stake in shares of Sunrun by 28.5% in the 3rd quarter. Robeco Schweiz AG now owns 5,478,228 shares of the energy company's stock valued at $42,566,000 after acquiring an additional 1,214,548 shares during the period. Amundi raised its stake in shares of Sunrun by 56.3% in the 1st quarter. Amundi now owns 3,300,626 shares of the energy company's stock valued at $44,798,000 after acquiring an additional 1,188,564 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of Sunrun during the 2nd quarter valued at $12,483,000. 91.69% of the stock is owned by institutional investors and hedge funds.

About Sunrun

Sunrun Inc. provides residential solar energy systems and battery storage in the United States. Its offerings include system design and installation, energy storage, and ongoing monitoring and maintenance for homeowners. Customers can purchase systems or use arrangements such as leases and power purchase agreements, which allow them to use solar-generated electricity without buying the equipment outright. Sunrun also offers battery storage that can provide backup power and support the use of solar energy when panels are not generating electricity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.