Contour Asset Management LLC Acquires New Position in Sunrun Inc. $RUN

Contour Asset Management LLC acquired a new stake in Sunrun Inc. (NASDAQ:RUN) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,326,628 shares of the energy company’s stock, valued at approximately $98,010,000. Sunrun comprises about 2.3% of Contour Asset Management LLC’s portfolio, making the stock its 16th biggest holding. Contour Asset Management LLC owned 2.30% of Sunrun at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RUN. Norges Bank bought a new position in Sunrun in the fourth quarter valued at approximately $62,169,000. Voloridge Investment Management LLC bought a new position in Sunrun in the third quarter valued at approximately $40,193,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Sunrun by 132.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,821,106 shares of the energy company’s stock valued at $48,777,000 after acquiring an additional 1,609,803 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Sunrun in the third quarter valued at approximately $21,427,000. Finally, Erste Asset Management GmbH increased its stake in Sunrun by 62.7% in the third quarter. Erste Asset Management GmbH now owns 3,082,234 shares of the energy company’s stock valued at $54,778,000 after acquiring an additional 1,188,092 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RUN. Susquehanna decreased their price objective on shares of Sunrun from $24.00 to $19.00 and set a “positive” rating on the stock in a research note on Thursday, April 9th. The Goldman Sachs Group restated a “buy” rating and issued a $18.00 target price on shares of Sunrun in a research report on Thursday, May 7th. Citigroup cut their target price on shares of Sunrun from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Mizuho cut their target price on shares of Sunrun from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Monday, March 2nd. Finally, Jefferies Financial Group cut their target price on shares of Sunrun from $22.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, April 7th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.98.

Sunrun Price Performance

Shares of NASDAQ:RUN opened at $12.44 on Thursday. The firm has a market cap of $2.97 billion, a PE ratio of 5.84 and a beta of 2.32. The firm’s fifty day moving average is $13.52 and its 200-day moving average is $15.84. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.09 and a current ratio of 1.45. Sunrun Inc. has a 52 week low of $5.51 and a 52 week high of $22.44.

Sunrun (NASDAQ:RUN) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.67. The company had revenue of $722.23 million for the quarter, compared to analyst estimates of $688.50 million. Sunrun had a net margin of 17.88% and a return on equity of 14.06%. Sunrun’s revenue was up 43.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. Sell-side analysts predict that Sunrun Inc. will post 1.09 earnings per share for the current year.

Insider Activity at Sunrun

In other news, Director Lynn Michelle Jurich sold 50,000 shares of Sunrun stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $14.07, for a total transaction of $703,500.00. Following the transaction, the director owned 557,947 shares in the company, valued at approximately $7,850,314.29. The trade was a 8.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Paul S. Dickson sold 127,673 shares of Sunrun stock in a transaction on Monday, April 6th. The stock was sold at an average price of $13.25, for a total transaction of $1,691,667.25. Following the transaction, the executive owned 707,126 shares in the company, valued at approximately $9,369,419.50. This trade represents a 15.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 694,816 shares of company stock valued at $9,366,473 in the last quarter. 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.