Bank of America Corp DE Has $27.86 Million Position in Sunrun Inc. $RUN

Key Points

• Bank of America increased its Sunrun stake by 74.7% in the first quarter, holding 2.05 million shares worth approximately $27.86 million, or 0.86% of the company. Institutional investors collectively own 91.69% of Sunrun.
• Sunrun reported quarterly revenue of $869.99 million, up 52.8% year over year, and adjusted earnings of $0.42 per share, exceeding analysts’ $0.23 estimate.
• Analyst sentiment remains mixed, with Sunrun carrying an average “Hold” rating and a $16.81 price target. Meanwhile, insiders sold 223,045 shares worth about $2.93 million over the past three months.

Bank of America Corp DE boosted its holdings in Sunrun Inc. (NASDAQ:RUN - Free Report) by 74.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,054,524 shares of the energy company's stock after acquiring an additional 878,319 shares during the quarter. Bank of America Corp DE owned 0.86% of Sunrun worth $27,859,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its holdings in shares of Sunrun by 156.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,449 shares of the energy company's stock worth $27,000 after purchasing an additional 885 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Sunrun during the 4th quarter worth about $27,000. Hantz Financial Services Inc. lifted its holdings in Sunrun by 59.1% during the 4th quarter. Hantz Financial Services Inc. now owns 1,519 shares of the energy company's stock valued at $28,000 after purchasing an additional 564 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Sunrun during the 4th quarter valued at about $30,000. Finally, Salomon & Ludwin LLC boosted its position in Sunrun by 49.2% in the fourth quarter. Salomon & Ludwin LLC now owns 1,693 shares of the energy company's stock valued at $31,000 after buying an additional 558 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

Insider Buying and Selling at Sunrun

In related news, Director Lynn Michelle Jurich sold 50,000 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $15.92, for a total transaction of $796,000.00. Following the sale, the director owned 459,091 shares in the company, valued at approximately $7,308,728.72. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Paul S. Dickson sold 15,613 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $13.18, for a total value of $205,779.34. Following the completion of the transaction, the executive owned 839,539 shares of the company's stock, valued at approximately $11,065,124.02. This represents a 1.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 223,045 shares of company stock valued at $2,934,835 in the last three months. 3.55% of the stock is currently owned by insiders.

Sunrun Price Performance

Shares of Sunrun stock opened at $10.19 on Monday. Sunrun Inc. has a 1 year low of $8.61 and a 1 year high of $22.44. The business has a 50-day moving average of $11.79 and a two-hundred day moving average of $13.79. The company has a market capitalization of $2.45 billion, a P/E ratio of 6.89 and a beta of 2.36. The company has a debt-to-equity ratio of 3.34, a current ratio of 1.42 and a quick ratio of 1.00.

Sunrun (NASDAQ:RUN - Get Free Report) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.23 by $0.19. The firm had revenue of $869.99 million for 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%. The business's quarterly revenue was up 52.8% on a year-over-year basis. During the same period last year, the company posted $1.07 EPS. As a group, equities analysts predict that Sunrun Inc. will post 1.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RUN. Wells Fargo & Company decreased their price target on Sunrun from $22.00 to $17.00 and set an "overweight" rating on the stock in a research report on Friday. Citigroup decreased their target price on Sunrun from $20.00 to $16.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Glj Research restated a "sell" rating and issued a $4.63 target price on shares of Sunrun in a research note on Friday, July 10th. Zacks Research cut Sunrun from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 2nd. Finally, Mizuho set a $18.00 price target on shares of Sunrun in a research report on Thursday, August 6th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Sunrun currently has an average rating of "Hold" and an average price target of $16.81.

Sunrun Profile

Sunrun, Inc NASDAQ: RUN is a leading provider of residential solar energy systems in the United States. The company designs, installs and maintains rooftop solar panels and battery storage solutions for homeowners under flexible financing arrangements. Customers can choose from leasing, power purchase agreements or solar ownership models, all of which are supported by Sunrun's network of installation partners and service technicians. Sunrun also offers integrated home energy management services, including its Brightbox battery storage product, which enables customers to store solar energy for use during peak hours or power outages.

Founded in 2007 by Lynn Jurich, Ed Fenster and Nat Kreamer, Sunrun is headquartered in San Francisco, California.

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