Sunrun (NASDAQ:RUN) Stock Gets Price Target Reduction from Morgan Stanley

Sunrun (NASDAQ:RUN) had its target price decreased by Morgan Stanley from $15.00 to $10.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. Morgan Stanley currently has an equal weight rating on the energy company’s stock.

Other analysts have also recently issued research reports about the stock. Mizuho set a $18.00 price target on shares of Sunrun in a research report on Thursday, August 6th. Citigroup lowered their target price on shares of Sunrun from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 9th. Roth Capital reiterated a “buy” rating on shares of Sunrun in a research note on Thursday, July 9th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Sunrun in a report on Thursday, August 6th. Finally, UBS Group decreased their price target on shares of Sunrun from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, June 16th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.98.

Sunrun Stock Performance

NASDAQ:RUN opened at $7.30 on Wednesday. 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 1-year low of $7.17 and a 1-year high of $21.95. The stock’s 50-day moving average is $8.57 and its 200-day moving average is $11.35. The stock has a market cap of $1.76 billion, a P/E ratio of 4.93 and a beta of 2.44.

Sunrun (NASDAQ:RUN) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.19. The firm had revenue of $869.99 million during the quarter, compared to the consensus estimate of $746.87 million. Sunrun had a net margin of 11.59% and a return on equity of 9.59%. The company’s revenue for the quarter was up 52.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. Equities research analysts anticipate that Sunrun will post 1.46 earnings per share for the current year.

Insider Buying and Selling at Sunrun

In other news, CFO Danny Abajian sold 16,734 shares of Sunrun stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $7.76, for a total transaction of $129,855.84. Following the completion of the sale, the chief financial officer directly owned 386,532 shares of the company’s stock, valued at approximately $2,999,488.32. The trade was a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Lynn Jurich sold 50,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was 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 of the company’s stock, valued at $3,659,353.80. The trade was a 11.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 118,719 shares of company stock valued at $1,031,277 over the last 90 days. Insiders own 3.55% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RUN. Allworth Financial LP bought a new stake in Sunrun in the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sunrun in the 4th quarter valued at approximately $27,000. Summit Securities Group LLC bought a new stake in shares of Sunrun during the 1st quarter valued at $36,000. Nykredit A S purchased a new stake in Sunrun in the second quarter worth about $78,000. Finally, Leonteq Securities AG increased its position in Sunrun by 26.8% during the 1st quarter. Leonteq Securities AG now owns 6,281 shares of the energy company’s stock valued at $85,000 after buying an additional 1,327 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Sunrun Company Profile

Sunrun Inc is a residential solar energy company that designs, installs, owns and maintains solar energy systems for homeowners. The company typically provides electricity through long-term agreements, including solar leases and power purchase agreements, allowing customers to use electricity generated by rooftop solar systems without purchasing the equipment outright.

Sunrun also offers energy storage solutions, including its BrightBox battery system, which can store electricity for use during outages, periods of high demand or when solar generation is unavailable.