Jennison Associates LLC Makes New $691,000 Investment in Sunrun Inc. $RUN

Jennison Associates LLC acquired a new position in shares of Sunrun Inc. (NASDAQ:RUN) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 50,950 shares of the energy company’s stock, valued at approximately $691,000.

A number of other hedge funds have also made changes to their positions in the business. Salomon & Ludwin LLC raised its position in shares of Sunrun by 49.2% during the 4th quarter. Salomon & Ludwin LLC now owns 1,693 shares of the energy company’s stock worth $31,000 after acquiring an additional 558 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Sunrun by 59.1% in the fourth quarter. Hantz Financial Services Inc. now owns 1,519 shares of the energy company’s stock valued at $28,000 after purchasing an additional 564 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Sunrun by 3.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,481 shares of the energy company’s stock valued at $322,000 after purchasing an additional 565 shares in the last quarter. Sage Rhino Capital LLC increased its stake in Sunrun by 5.2% in the fourth quarter. Sage Rhino Capital LLC now owns 11,468 shares of the energy company’s stock valued at $211,000 after purchasing an additional 572 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in Sunrun by 62.9% in the fourth quarter. UMB Bank n.a. now owns 1,732 shares of the energy company’s stock valued at $32,000 after purchasing an additional 669 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jeanna Steele sold 9,897 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $13.19, for a total value of $130,541.43. Following the transaction, the insider owned 461,715 shares in the company, valued at $6,090,020.85. The trade was a 2.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Paul S. Dickson sold 15,613 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $13.18, for a total value of $205,779.34. Following the sale, the executive directly owned 839,539 shares of the company’s stock, valued at approximately $11,065,124.02. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 223,045 shares of company stock valued at $3,081,335. 3.55% of the stock is owned by insiders.

Sunrun Stock Performance

Shares of Sunrun stock opened at $10.95 on Thursday. The firm’s fifty day simple moving average is $13.37 and its 200-day simple moving average is $14.80. Sunrun Inc. has a 12 month low of $9.01 and a 12 month high of $22.44. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 5.14 and a beta of 2.32. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.45 and a quick ratio of 1.09.

Sunrun (NASDAQ:RUN) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.67. Sunrun had a net margin of 17.88% and a return on equity of 14.06%. The firm had revenue of $722.23 million during the quarter, compared to analysts’ expectations of $688.50 million. During the same quarter in the prior year, the business earned $0.20 EPS. Sunrun’s quarterly revenue was up 43.2% compared to the same quarter last year. As a group, equities analysts forecast that Sunrun Inc. will post 1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RUN. JPMorgan Chase & Co. reduced their price objective on shares of Sunrun from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. Glj Research reiterated a “sell” rating and set a $4.63 price target on shares of Sunrun in a research note on Friday, July 10th. Weiss Ratings raised shares of Sunrun from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 24th. UBS Group decreased their price objective 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. Finally, Wall Street Zen lowered Sunrun from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.81.

Sunrun Profile

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.