Sunrun Inc (NASDAQ:RUN)’s share price was down 6.4% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $14.11 and last traded at $15.53. Approximately 2,534,710 shares changed hands during mid-day trading, an increase of 120% from the average daily volume of 1,151,815 shares. The stock had previously closed at $16.60.
The energy company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.31 by ($0.43). Sunrun had a net margin of 3.51% and a return on equity of 2.09%. The company had revenue of $194.50 million during the quarter, compared to analyst estimates of $152.90 million.
Several brokerages have recently commented on RUN. BidaskClub lowered Sunrun from a “buy” rating to a “hold” rating in a research note on Saturday, March 16th. TheStreet downgraded Sunrun from a “b-” rating to a “c+” rating in a report on Friday, March 29th. Bank of America restated a “buy” rating and set a $23.50 price objective (up from $17.50) on shares of Sunrun in a report on Thursday, April 25th. Credit Suisse Group set a $24.00 price objective on Sunrun and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, ValuEngine upgraded Sunrun from a “buy” rating to a “strong-buy” rating in a report on Friday, March 1st. Two research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $18.64.
In related news, Chairman Edward Harris Fenster sold 3,510 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $17.01, for a total value of $59,705.10. Following the completion of the sale, the chairman now directly owns 2,460,681 shares in the company, valued at approximately $41,856,183.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Tiger Global Management Llc purchased 766,201 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was bought at an average price of $16.26 per share, with a total value of $12,458,428.26. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 631,278 shares of company stock valued at $10,032,674. Insiders own 9.34% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC increased its stake in shares of Sunrun by 881.0% during the third quarter. Neuberger Berman Group LLC now owns 2,517,568 shares of the energy company’s stock valued at $31,318,000 after acquiring an additional 2,260,933 shares during the period. Millennium Management LLC boosted its position in shares of Sunrun by 147.8% during the 4th quarter. Millennium Management LLC now owns 2,946,325 shares of the energy company’s stock valued at $32,085,000 after acquiring an additional 1,757,496 shares in the last quarter. Norges Bank acquired a new stake in shares of Sunrun during the 4th quarter valued at about $16,863,000. Dimensional Fund Advisors LP boosted its position in shares of Sunrun by 201.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,525,543 shares of the energy company’s stock valued at $16,612,000 after acquiring an additional 1,019,554 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Sunrun by 104.8% during the 3rd quarter. Morgan Stanley now owns 1,371,638 shares of the energy company’s stock valued at $17,064,000 after acquiring an additional 701,745 shares in the last quarter. Hedge funds and other institutional investors own 84.78% of the company’s stock.
The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.03 and a current ratio of 1.24. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 67.52, a PEG ratio of 0.97 and a beta of 0.58.
Sunrun Company Profile (NASDAQ:RUN)
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 energy systems and products, such as panels and racking, as well as solar leads generated to customers. The company markets and sells its products through direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, and referral channels, as well as its partner network.
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