Sunrun Inc. (RUN) Upgraded by Zacks Investment Research to “Buy”
Sunrun Inc. (NASDAQ:RUN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $6.25 price objective on the energy company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.96% from the stock’s current price.
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. “
Other equities research analysts have also issued research reports about the stock. ValuEngine lowered shares of Sunrun from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub lowered shares of Sunrun from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Goldman Sachs Group, Inc. (The) set a $10.00 target price on shares of Sunrun and gave the company a “buy” rating in a research note on Tuesday, June 20th. Bank of America Corporation restated a “neutral” rating and issued a $8.00 target price (up previously from $7.75) on shares of Sunrun in a research note on Thursday, August 10th. Finally, Barclays PLC upped their target price on shares of Sunrun from $6.00 to $8.00 and gave the company an “overweight” rating in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $9.15.
Sunrun (NASDAQ:RUN) last issued its quarterly earnings data on Monday, August 7th. The energy company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The firm had revenue of $137.85 million for the quarter, compared to analyst estimates of $143.35 million. Sunrun had a net margin of 17.65% and a return on equity of 8.76%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 EPS.
In other Sunrun news, insider Steven Vassallo sold 33,576 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $7.16, for a total value of $240,404.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Edward Harris Fenster sold 115,094 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $6.82, for a total transaction of $784,941.08. Following the completion of the transaction, the chairman now owns 2,371,439 shares of the company’s stock, valued at approximately $16,173,213.98. The disclosure for this sale can be found here. 24.13% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of RUN. Suntrust Banks Inc. bought a new position in Sunrun in the 2nd quarter worth about $112,000. Citigroup Inc. grew its position in Sunrun by 760.3% in the 2nd quarter. Citigroup Inc. now owns 18,678 shares of the energy company’s stock worth $133,000 after purchasing an additional 16,507 shares during the last quarter. Legal & General Group Plc grew its position in Sunrun by 16.3% in the 2nd quarter. Legal & General Group Plc now owns 19,795 shares of the energy company’s stock worth $141,000 after purchasing an additional 2,768 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in Sunrun by 30.0% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 22,241 shares of the energy company’s stock worth $159,000 after purchasing an additional 5,134 shares during the last quarter. Finally, Tudor Investment Corp ET AL grew its position in Sunrun by 144.8% in the 1st quarter. Tudor Investment Corp ET AL now owns 32,800 shares of the energy company’s stock worth $177,000 after purchasing an additional 19,400 shares during the last quarter. Hedge funds and other institutional investors own 73.95% of the company’s stock.
Sunrun Inc is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (Projects) in the United States. The Company is engaged in providing solar energy services and products to its customers. As of December 31, 2016, it operated a fleet of residential solar energy systems in the United States, with approximately 134,000 customers across 16 states, as well as the District of Columbia.
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