Sunrun (NASDAQ:RUN) Price Target Cut to $8.00 by Analysts at Wells Fargo & Company

Sunrun (NASDAQ:RUN) had its price objective dropped by equities research analysts at Wells Fargo & Company from $10.00 to $8.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 3.23% from the stock’s current price.

Several other equities analysts have also commented on the stock. Glj Research lowered shares of Sunrun from a “hold” rating to a “sell” rating in a research report on Tuesday, June 17th. Mizuho set a $13.00 price objective on shares of Sunrun and gave the stock an “outperform” rating in a report on Monday, June 2nd. BNP Paribas cut shares of Sunrun from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 22nd. Jefferies Financial Group cut shares of Sunrun from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, June 11th. Finally, BMO Capital Markets cut shares of Sunrun from a “hold” rating to a “strong sell” rating and dropped their price objective for the stock from $9.00 to $4.00 in a report on Thursday, May 22nd. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.26.

Sunrun Stock Up 6.5%

RUN stock opened at $7.75 on Wednesday. Sunrun has a 52 week low of $5.38 and a 52 week high of $22.26. The company has a market cap of $1.77 billion, a P/E ratio of -0.64 and a beta of 2.61. The company has a current ratio of 1.32, a quick ratio of 0.99 and a debt-to-equity ratio of 3.89. The company’s 50-day moving average price is $8.14 and its 200 day moving average price is $8.24.

Sunrun (NASDAQ:RUN) last posted its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.42. The business had revenue of $504.27 million during the quarter, compared to analyst estimates of $487.29 million. Sunrun had a negative net margin of 129.97% and a positive return on equity of 9.42%. The company’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) earnings per share. On average, research analysts expect that Sunrun will post -0.43 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jeanna Steele sold 9,942 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $6.74, for a total transaction of $67,009.08. Following the completion of the transaction, the insider now owns 291,238 shares in the company, valued at approximately $1,962,944.12. This trade represents a 3.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Danny Abajian sold 16,927 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $6.74, for a total transaction of $114,087.98. Following the transaction, the chief financial officer now owns 231,279 shares of the company’s stock, valued at approximately $1,558,820.46. This trade represents a 6.82% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,993 shares of company stock worth $612,979. Corporate insiders own 3.37% of the company’s stock.

Institutional Trading of Sunrun

A number of hedge funds have recently made changes to their positions in the stock. Focus Partners Wealth lifted its position in shares of Sunrun by 21.2% in the first quarter. Focus Partners Wealth now owns 12,702 shares of the energy company’s stock worth $74,000 after purchasing an additional 2,226 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Sunrun by 14.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 760,758 shares of the energy company’s stock worth $4,458,000 after purchasing an additional 98,547 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Sunrun in the first quarter worth approximately $87,000. Caxton Associates LLP purchased a new stake in shares of Sunrun in the first quarter worth approximately $2,045,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Sunrun by 45.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,306,808 shares of the energy company’s stock worth $13,518,000 after purchasing an additional 718,955 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

About Sunrun

Sunrun Inc designs, develops, installs, sells, owns, and maintains residential solar energy systems in the United States. It also sells solar energy systems and products, such as panels and racking; and solar leads generated to customers. In addition, the company offers battery storage along with solar energy systems; and sells services to commercial developers through multi-family and new homes.