Sunrun (NASDAQ:RUN) Price Target Raised to $23.00

Key Points

• JPMorgan Chase & Co. has increased Sunrun's price target from $20.00 to $23.00, indicating a potential upside of 39.34% from the previous close.
• Sunrun's recent quarterly earnings report showed an EPS of $1.07, significantly beating analyst estimates and reflecting an 8.7% year-over-year revenue increase.
• Over 90% of Sunrun's stock is owned by institutional investors and hedge funds, highlighting strong institutional interest in the company.

Sunrun (NASDAQ:RUN - Get Free Report) had its price objective boosted by JPMorgan Chase & Co. from $20.00 to $23.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 33.92% from the company's previous close.

Several other research analysts also recently weighed in on the company. UBS Group boosted their target price on Sunrun from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Zacks Research raised Sunrun from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 8th. Mizuho lifted their price target on Sunrun from $13.00 to $21.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. TD Cowen lifted their price target on Sunrun from $13.00 to $14.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, BNP Paribas raised Sunrun from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.94.

Sunrun Stock Down 2.5%

RUN stock traded down $0.44 on Friday, hitting $17.17. 4,529,406 shares of the company's stock were exchanged, compared to its average volume of 16,426,371. Sunrun has a 12-month low of $5.38 and a 12-month high of $19.45. The firm has a 50 day moving average price of $13.58 and a two-hundred day moving average price of $9.82. The company has a debt-to-equity ratio of 3.70, a quick ratio of 1.02 and a current ratio of 1.41. The stock has a market cap of $3.96 billion, a P/E ratio of -1.48 and a beta of 2.21.

Sunrun (NASDAQ:RUN - Get Free Report) last announced its earnings results on Wednesday, August 6th. The energy company reported $1.07 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $1.25. Sunrun had a positive return on equity of 14.19% and a negative net margin of 120.59%.The firm had revenue of $569.34 million for the quarter, compared to the consensus estimate of $555.42 million. During the same period in the previous year, the business earned $0.55 EPS. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities research analysts expect that Sunrun will post -0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Danny Abajian sold 8,909 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $10.80, for a total value of $96,217.20. Following the completion of the transaction, the chief financial officer owned 446,797 shares of the company's stock, valued at $4,825,407.60. The trade was a 1.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Alan Ferber sold 10,927 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $11.24, for a total value of $122,819.48. Following the completion of the transaction, the director directly owned 54,947 shares of the company's stock, valued at approximately $617,604.28. This trade represents a 16.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 80,136 shares of company stock worth $1,076,538. 3.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sunrun

A number of large investors have recently bought and sold shares of RUN. Smartleaf Asset Management LLC raised its holdings in Sunrun by 181.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 4,130 shares of the energy company's stock worth $34,000 after purchasing an additional 2,660 shares during the period. Spire Wealth Management raised its holdings in Sunrun by 960.0% in the 2nd quarter. Spire Wealth Management now owns 5,300 shares of the energy company's stock worth $43,000 after purchasing an additional 4,800 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Sunrun by 87.1% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the energy company's stock worth $47,000 after purchasing an additional 2,700 shares during the period. Apollon Wealth Management LLC acquired a new position in Sunrun in the 1st quarter worth about $60,000. Finally, US Bancorp DE raised its holdings in Sunrun by 107.6% in the 1st quarter. US Bancorp DE now owns 10,307 shares of the energy company's stock worth $60,000 after purchasing an additional 5,342 shares during the period. Institutional investors and hedge funds own 91.69% of the company's stock.

Sunrun Company Profile

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.