Sunrun (NASDAQ:RUN) Trading Up 8.6% - Here's Why

Sunrun Inc. (NASDAQ:RUN - Get Free Report)'s stock price shot up 8.6% during mid-day trading on Wednesday . The stock traded as high as $10.59 and last traded at $10.69. 10,689,979 shares were traded during trading, a decline of 21% from the average session volume of 13,512,183 shares. The stock had previously closed at $9.84.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RUN shares. Jefferies Financial Group raised shares of Sunrun from an "underperform" rating to a "hold" rating and boosted their price objective for the company from $5.00 to $11.00 in a report on Wednesday. Mizuho set a $13.00 price objective on shares of Sunrun and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Glj Research downgraded shares of Sunrun from a "hold" rating to a "sell" rating in a research report on Tuesday, June 17th. KeyCorp upgraded shares of Sunrun from an "underweight" rating to a "sector weight" rating in a research report on Tuesday. Finally, Truist Financial reiterated a "hold" rating and issued a $6.00 price objective (down previously from $9.00) on shares of Sunrun in a research report on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $13.97.

Sunrun Stock Performance

The stock has a 50-day simple moving average of $8.67 and a 200 day simple moving average of $8.22. The company has a debt-to-equity ratio of 3.89, a current ratio of 1.32 and a quick ratio of 0.99. The company has a market capitalization of $2.48 billion, a PE ratio of -0.90 and a beta of 2.60.

Sunrun (NASDAQ:RUN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.42. Sunrun had a positive return on equity of 9.42% and a negative net margin of 129.97%. The business had revenue of $504.27 million for the quarter, compared to the consensus estimate of $487.29 million. During the same period in the prior year, the business earned ($0.40) earnings per share. The business's revenue was up 10.1% on a year-over-year basis. Equities analysts anticipate that Sunrun Inc. will post -0.43 EPS for the current fiscal year.

Insider Activity

In other news, Director Edward Harris Fenster purchased 50,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was bought at an average cost of $10.87 per share, for a total transaction of $543,500.00. Following the completion of the purchase, the director directly owned 1,408,182 shares of the company's stock, valued at $15,306,938.34. The trade was a 3.68% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Danny Abajian sold 8,909 shares of the company'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 sale, the chief financial officer owned 446,797 shares of the company's stock, valued at $4,825,407.60. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,939 shares of company stock valued at $430,264 in the last three months. Company insiders own 3.37% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Sunrun by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 23,749,115 shares of the energy company's stock worth $219,679,000 after buying an additional 343,448 shares during the last quarter. Greenvale Capital LLP lifted its holdings in shares of Sunrun by 50.3% in the 4th quarter. Greenvale Capital LLP now owns 13,500,000 shares of the energy company's stock worth $124,875,000 after purchasing an additional 4,516,793 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of Sunrun by 593.9% in the 4th quarter. Alyeska Investment Group L.P. now owns 12,028,454 shares of the energy company's stock worth $111,263,000 after purchasing an additional 10,294,947 shares during the last quarter. Sylebra Capital LLC lifted its holdings in shares of Sunrun by 23.8% in the 1st quarter. Sylebra Capital LLC now owns 8,273,331 shares of the energy company's stock worth $48,482,000 after purchasing an additional 1,590,169 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Sunrun by 27.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,621,303 shares of the energy company's stock worth $61,252,000 after purchasing an additional 1,427,858 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company's stock.

About Sunrun

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.