Sunrun (NASDAQ:RUN) Given New $17.00 Price Target at Wells Fargo & Company

Sunrun (NASDAQ:RUN) had its price target lowered by analysts at Wells Fargo & Company from $22.00 to $17.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 63.54% from the stock’s previous close.

RUN has been the topic of several other research reports. Citigroup dropped their price objective on shares of Sunrun from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Royal Bank Of Canada decreased their target price on Sunrun from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Roth Capital reaffirmed a “buy” rating on shares of Sunrun in a report on Thursday, July 9th. Susquehanna dropped their price target on Sunrun from $18.00 to $15.00 and set a “positive” rating on the stock in a research report on Friday, August 7th. Finally, Zacks Research downgraded Sunrun from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 2nd. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Sunrun has an average rating of “Hold” and an average price target of $16.81.

Sunrun Stock Performance

Sunrun stock traded up $0.54 during mid-day trading on Friday, reaching $10.39. The company’s stock had a trading volume of 1,832,341 shares, compared to its average volume of 9,676,085. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 7.01 and a beta of 2.35. The business has a 50 day moving average price of $11.85 and a 200-day moving average price of $13.86. The company has a current ratio of 1.42, a quick ratio of 1.00 and a debt-to-equity ratio of 3.34. Sunrun has a twelve month low of $8.61 and a twelve month high of $22.44.

Sunrun (NASDAQ:RUN) last issued its earnings results on Wednesday, August 5th. The energy company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $746.87 million. During the same period in the prior year, the company earned $1.07 earnings per share. The firm’s revenue was up 52.8% compared to the same quarter last year. Sell-side analysts predict that Sunrun will post 1.13 EPS for the current fiscal year.

Insider Transactions at Sunrun

In other Sunrun news, Director Lynn Michelle Jurich sold 50,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $9.96, for a total value of $498,000.00. Following the completion of the transaction, the director owned 367,405 shares in the company, valued at approximately $3,659,353.80. This represents a 11.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Danny Abajian sold 16,495 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $13.19, for a total transaction of $217,569.05. Following the completion of the sale, the chief financial officer owned 420,318 shares in the company, valued at $5,543,994.42. The trade was a 3.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 223,045 shares of company stock worth $2,934,835 over the last 90 days. Corporate insiders own 3.55% of the company’s stock.

Hedge Funds Weigh In On Sunrun

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amundi increased its position in Sunrun by 56.3% in the 1st quarter. Amundi now owns 3,300,626 shares of the energy company’s stock valued at $44,798,000 after acquiring an additional 1,188,564 shares during the period. Handelsbanken Fonder AB raised its stake in Sunrun by 6.7% during the 4th quarter. Handelsbanken Fonder AB now owns 2,314,802 shares of the energy company’s stock valued at $42,592,000 after acquiring an additional 145,285 shares in the last quarter. Intech Investment Management LLC boosted its position in Sunrun by 33.1% during the 4th quarter. Intech Investment Management LLC now owns 324,632 shares of the energy company’s stock worth $5,973,000 after acquiring an additional 80,695 shares during the period. LBP AM SA bought a new position in shares of Sunrun in the fourth quarter worth $3,307,000. Finally, Masters Capital Management LLC bought a new position in shares of Sunrun in the first quarter worth $6,780,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.