The Manufacturers Life Insurance Company Invests $2.25 Million in Sunrun Inc. $RUN

Key Points

• The Manufacturers Life Insurance Company initiated a $2.25 million position in Sunrun, purchasing 168,469 shares, while institutional investors collectively own 91.69% of the company.
• Analyst sentiment is mixed: Sunrun has an average “Hold” rating and an average price target of $16.81, despite several Buy or Outperform ratings and recent target-price reductions.
• Sunrun opened at $8.96, near its 12-month low of $8.22. Its latest quarterly results exceeded expectations, with adjusted earnings of $0.42 per share and revenue of $869.99 million, up 52.8% year over year.

The Manufacturers Life Insurance Company purchased a new stake in shares of Sunrun Inc. (NASDAQ:RUN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 168,469 shares of the energy company's stock, valued at approximately $2,254,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Sunrun as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of RUN. Royal Bank of Canada increased its holdings in Sunrun by 5.1% during the 1st quarter. Royal Bank of Canada now owns 626,536 shares of the energy company's stock worth $3,672,000 after purchasing an additional 30,175 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in shares of Sunrun by 47.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 32,767 shares of the energy company's stock worth $192,000 after buying an additional 10,598 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Sunrun by 2.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 238,360 shares of the energy company's stock worth $1,397,000 after buying an additional 5,882 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Sunrun by 511.0% during the first quarter. Jones Financial Companies Lllp now owns 27,026 shares of the energy company's stock valued at $158,000 after buying an additional 22,603 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Sunrun by 45.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,306,808 shares of the energy company's stock valued at $13,518,000 after buying an additional 718,955 shares during the period. Institutional investors own 91.69% of the company's stock.

Analyst Ratings Changes

RUN has been the subject of a number of research reports. Oppenheimer reaffirmed an "outperform" rating and issued a $20.00 price objective on shares of Sunrun in a research note on Thursday, August 6th. Susquehanna reduced their price target on shares of Sunrun from $18.00 to $15.00 and set a "positive" rating for the company in a report on Friday, August 7th. TD Cowen lowered their price target on shares of Sunrun from $21.00 to $16.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Weiss Ratings downgraded shares of Sunrun from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, July 28th. Finally, Mizuho set a $18.00 price objective on shares of Sunrun in a report on Thursday, August 6th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Sunrun currently has an average rating of "Hold" and an average target price of $16.81.

Sunrun Price Performance

NASDAQ RUN opened at $8.96 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.00 and a debt-to-equity ratio of 3.34. The firm has a market capitalization of $2.16 billion, a P/E ratio of 6.05 and a beta of 2.37. Sunrun Inc. has a 12-month low of $8.22 and a 12-month high of $22.44. The firm's fifty day simple moving average is $10.78 and its two-hundred day simple moving average is $12.83.

Sunrun (NASDAQ:RUN - Get Free Report) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.19. Sunrun had a return on equity of 9.59% and a net margin of 11.59%.The firm had revenue of $869.99 million for the quarter, compared to the consensus estimate of $746.87 million. During the same period in the previous year, the business earned $1.07 EPS. The firm's revenue for the quarter was up 52.8% on a year-over-year basis. Analysts forecast that Sunrun Inc. will post 1.18 EPS for the current fiscal year.

Insider Buying and Selling at Sunrun

In related news, CEO Mary Powell sold 23,985 shares of Sunrun stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $13.19, for a total value of $316,362.15. Following the completion of the sale, the chief executive officer directly owned 1,111,535 shares in the company, valued at $14,661,146.65. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Lynn Michelle Jurich sold 50,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $9.96, for a total transaction of $498,000.00. Following the sale, the director directly owned 367,405 shares in the company, valued at approximately $3,659,353.80. This represents a 11.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 173,045 shares of company stock valued at $2,138,835. Insiders own 3.55% of the company's stock.

About Sunrun

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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