Sunrun (NASDAQ:RUN) Shares Up 8.1% – Here’s What Happened

Sunrun Inc. (NASDAQ:RUN)’s share price shot up 8.1% during mid-day trading on Monday . The company traded as high as $6.85 and last traded at $7.03. 3,609,492 shares were traded during mid-day trading, a decline of 66% from the average session volume of 10,686,312 shares. The stock had previously closed at $6.50.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RUN. BNP Paribas upgraded shares of Sunrun from a “neutral” rating to an “outperform” rating and set a $16.00 target price on the stock in a research note on Tuesday, January 7th. Roth Capital set a $20.00 price objective on shares of Sunrun in a research note on Friday, February 28th. JPMorgan Chase & Co. dropped their price objective on shares of Sunrun from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Truist Financial reiterated a “hold” rating and set a $9.00 price objective (down previously from $12.00) on shares of Sunrun in a research note on Monday, March 3rd. Finally, Jefferies Financial Group lowered shares of Sunrun from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $14.00 to $8.00 in a research note on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.20.

Sunrun Stock Down 0.0 %

The firm’s fifty day moving average price is $8.46 and its 200-day moving average price is $11.90. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.47 and a quick ratio of 1.15. The firm has a market capitalization of $1.47 billion, a P/E ratio of -3.58 and a beta of 2.84.

Insider Activity

In other news, Director Lynn Michelle Jurich sold 50,000 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $9.42, for a total value of $471,000.00. Following the completion of the transaction, the director now directly owns 1,041,753 shares in the company, valued at $9,813,313.26. This trade represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Danny Abajian sold 3,734 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $11.18, for a total transaction of $41,746.12. Following the sale, the chief financial officer now owns 257,969 shares of the company’s stock, valued at $2,884,093.42. The trade was a 1.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 171,466 shares of company stock worth $1,607,397 over the last three months. Corporate insiders own 3.77% of the company’s stock.

Institutional Trading of Sunrun

A number of large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC bought a new stake in Sunrun during the fourth quarter worth approximately $94,000. Sylebra Capital LLC boosted its holdings in Sunrun by 124.0% during the fourth quarter. Sylebra Capital LLC now owns 6,683,162 shares of the energy company’s stock worth $61,819,000 after buying an additional 3,699,405 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Sunrun by 8.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 662,211 shares of the energy company’s stock worth $6,125,000 after buying an additional 52,176 shares in the last quarter. Vident Advisory LLC lifted its position in shares of Sunrun by 76.9% in the 4th quarter. Vident Advisory LLC now owns 20,219 shares of the energy company’s stock valued at $187,000 after acquiring an additional 8,792 shares in the last quarter. Finally, Teza Capital Management LLC lifted its position in shares of Sunrun by 12.9% in the 4th quarter. Teza Capital Management LLC now owns 44,677 shares of the energy company’s stock valued at $413,000 after acquiring an additional 5,121 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

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.