Goldman Sachs Group Inc. upgraded shares of Sunrun Inc. (NASDAQ:RUN) from a neutral rating to a buy rating in a research note released on Thursday. The brokerage currently has $12.00 price target on the stock, up from their previous price target of $7.00.
A number of other equities research analysts have also recently issued reports on RUN. Credit Suisse Group AG restated a buy rating on shares of Sunrun in a report on Wednesday, June 8th. Oppenheimer Holdings Inc. initiated coverage on shares of Sunrun in a report on Monday, June 20th. They set an outperform rating and a $8.00 price target for the company. Barclays PLC restated an equal weight rating and set a $7.00 price target on shares of Sunrun in a report on Tuesday, June 21st. Zacks Investment Research upgraded shares of Sunrun from a hold rating to a buy rating and set a $5.75 price target for the company in a report on Friday, July 8th. Finally, Morgan Stanley restated an overweight rating and set a $8.00 price target (down from $19.00) on shares of Sunrun in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $11.77.
Sunrun (NASDAQ:RUN) last released its quarterly earnings results on Thursday, August 11th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.71. Sunrun had a net margin of 6.94% and a return on equity of 3.30%. The company earned $122.50 million during the quarter, compared to analysts’ expectations of $111.15 million. During the same period in the prior year, the company earned $0.29 earnings per share. The business’s quarterly revenue was up 68.6% compared to the same quarter last year.
In other news, major shareholder William B. Elmore sold 27,384 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $6.06, for a total transaction of $165,947.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Foundation Capital Vi Principa sold 42,306 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $5.82, for a total transaction of $246,220.92. The disclosure for this sale can be found here. 42.19% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Sunrun by 1,847.3% in the second quarter. BlackRock Inc. now owns 18,071 shares of the company’s stock valued at $107,000 after buying an additional 17,143 shares during the last quarter. BlackRock Advisors LLC raised its stake in Sunrun by 304.7% in the second quarter. BlackRock Advisors LLC now owns 21,316 shares of the company’s stock valued at $126,000 after buying an additional 16,049 shares during the last quarter. Alliancebernstein L.P. raised its stake in Sunrun by 153.3% in the second quarter. Alliancebernstein L.P. now owns 26,600 shares of the company’s stock valued at $158,000 after buying an additional 16,100 shares during the last quarter. State Treasurer State of Michigan purchased a new stake in Sunrun during the second quarter valued at $161,000. Finally, Board of Trustees of The Leland Stanford Junior University purchased a new stake in Sunrun during the second quarter valued at $161,000. 67.06% of the stock is owned by institutional investors.
Sunrun Company Profile
Sunrun Inc (Sunrun) 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. Sunrun has over 111,000 customers across 15 states, as well as the District of Columbia.
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