Sunrun (NASDAQ:RUN) Stock Price Down 4.9% After Analyst Downgrade

Sunrun Inc. (NASDAQ:RUN) was down 4.9% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $12.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sunrun traded as low as $7.01 and last traded at $6.9450. 1,269,754 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 9,221,352 shares. The stock had previously closed at $7.30.

Other analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Sunrun from a “sell” rating to a “hold” rating in a research report on Sunday. The Goldman Sachs Group lowered their price target on shares of Sunrun from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Royal Bank Of Canada reduced their price objective on shares of Sunrun from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Jefferies Financial Group reissued a “hold” rating and issued a $7.00 price target on shares of Sunrun in a research report on Friday, October 9th. Finally, Wells Fargo & Company dropped their target price on Sunrun from $22.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, August 14th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sunrun presently has an average rating of “Hold” and a consensus price target of $14.39.

Insider Transactions at Sunrun

In other Sunrun news, insider Jeanna Steele sold 10,042 shares of the company’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $7.76, for a total transaction of $77,925.92. Following the transaction, the insider owned 451,673 shares of the company’s stock, valued at approximately $3,504,982.48. This represents a 2.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Paul Dickson sold 15,837 shares of the firm’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $7.76, for a total value of $122,895.12. Following the completion of the transaction, the executive owned 823,702 shares in the company, valued at approximately $6,391,927.52. This represents a 1.89% 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 a total of 118,719 shares of company stock worth $1,031,277 over the last ninety days. 3.55% of the stock is currently owned by insiders.

Institutional Trading of Sunrun

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE bought a new position in shares of Sunrun during the second quarter worth about $29,953,000. Bank of New York Mellon Corp bought a new stake in Sunrun during the 2nd quarter worth about $18,120,000. Amundi boosted its stake in shares of Sunrun by 56.3% during the 1st quarter. Amundi now owns 3,300,626 shares of the energy company’s stock worth $44,798,000 after buying an additional 1,188,564 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Sunrun in the 2nd quarter valued at about $12,483,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of Sunrun in the second quarter valued at about $8,254,000. 91.69% of the stock is owned by institutional investors.

Sunrun Stock Up 9.9%

The firm has a market cap of $1.82 billion, a P/E ratio of 5.11 and a beta of 2.44. The company has a quick ratio of 1.00, a current ratio of 1.42 and a debt-to-equity ratio of 3.34. The firm has a fifty day moving average of $8.46 and a 200-day moving average of $11.25.

Sunrun (NASDAQ:RUN) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.19. Sunrun had a net margin of 11.59% and a return on equity of 9.59%. The company had revenue of $869.99 million for the quarter, compared to analyst estimates of $746.87 million. During the same period in the previous year, the business earned $1.07 EPS. Sunrun’s revenue for the quarter was up 52.8% compared to the same quarter last year. On average, equities research analysts anticipate that Sunrun Inc. will post 1.46 earnings per share for the current year.

About Sunrun

Sunrun Inc is a residential clean-energy company that designs, sells, installs, owns and maintains home solar energy systems. The company provides rooftop solar panels and related equipment through purchase and financing options, as well as subscription-based solar-as-a-service arrangements under which customers pay for the electricity their systems produce.

Sunrun also offers home energy storage through its Brightbox battery product. These systems can store solar-generated electricity for use when solar production is unavailable and may provide backup power during grid outages.