Sunrun (RUN) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Sunrun (NASDAQ:RUN) from a strong-buy rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Sunrun Inc. develops, owns, manages and sells residential solar energy systems. The Company provides solar service offerings through channels consists of direct-to-consumer channel, solar partner channel and strategic partnership channel. It also develops and sells mounting structures through the installation and distribution operations under the SnapNrack brand. The Company operates primarily in Arizona, California, Delaware, Colorado, Connecticut, Hawaii, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania and South Carolina, as well as the District of Columbia. Sunrun Inc. is headquartered in San Francisco, California. “
RUN has been the topic of several other reports. Bank of America upgraded shares of Sunrun from an underperform rating to a neutral rating and raised their target price for the stock from $15.00 to $16.00 in a report on Monday, August 13th. Credit Suisse Group raised their target price on shares of Sunrun from $16.00 to $22.00 and gave the stock an outperform rating in a report on Monday, July 2nd. Goldman Sachs Group downgraded shares of Sunrun from a buy rating to a neutral rating and set a $12.00 target price on the stock. in a report on Wednesday, July 18th. They noted that the move was a valuation call. TheStreet upgraded shares of Sunrun from a d+ rating to a c+ rating in a report on Monday, August 6th. Finally, Morgan Stanley downgraded shares of Sunrun from an overweight rating to an equal weight rating and raised their target price for the stock from $8.00 to $15.00 in a report on Friday, August 3rd. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $14.82.
Sunrun (NASDAQ:RUN) last released its quarterly earnings data on Thursday, August 9th. The energy company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.31). The firm had revenue of $170.50 million for the quarter, compared to the consensus estimate of $167.64 million. Sunrun had a return on equity of 7.49% and a net margin of 20.26%. The firm’s revenue was up 30.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 EPS. analysts expect that Sunrun will post 1.43 EPS for the current fiscal year.
In other news, General Counsel Jeanna Steele sold 8,312 shares of Sunrun stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $12.98, for a total value of $107,889.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Tiger Global Management Llc acquired 776,138 shares of the stock in a transaction dated Wednesday, May 30th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $8,622,893.18. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 4,144,330 shares of company stock worth $50,125,793 and have sold 229,540 shares worth $3,332,186. Company insiders own 19.45% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Levin Capital Strategies L.P. acquired a new stake in shares of Sunrun in the second quarter valued at approximately $131,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Sunrun in the second quarter valued at approximately $204,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Sunrun in the first quarter valued at approximately $139,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sunrun by 36.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,366 shares of the energy company’s stock valued at $209,000 after purchasing an additional 6,200 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Sunrun in the second quarter valued at approximately $310,000. Institutional investors own 77.41% of the company’s stock.
Sunrun Inc engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar leads. The company markets and sells its products through direct channels, partner channels, mass media, digital media, canvassing, referral, retail, and field marketing.
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