Sunrun (NASDAQ:RUN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $18.00 target price on the energy company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 16.50% from the company’s previous close.
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. “
A number of other research firms have also weighed in on RUN. ValuEngine upgraded shares of Sunrun from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. BidaskClub upgraded shares of Sunrun from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 21st. Goldman Sachs Group lifted their price objective on shares of Sunrun from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, April 6th. Guggenheim reiterated a “buy” rating and issued a $12.00 price objective on shares of Sunrun in a research report on Thursday, April 12th. Finally, JMP Securities reiterated a “buy” rating and issued a $21.00 price objective on shares of Sunrun in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Sunrun presently has a consensus rating of “Buy” and an average target price of $12.64.
Sunrun (NASDAQ:RUN) last posted its quarterly earnings data on Wednesday, May 9th. The energy company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Sunrun had a net margin of 24.53% and a return on equity of 9.34%. The firm had revenue of $144.36 million for the quarter, compared to analyst estimates of $134.98 million. During the same period last year, the firm posted $0.12 EPS. Sunrun’s quarterly revenue was up 37.4% on a year-over-year basis. analysts forecast that Sunrun will post 1.6 earnings per share for the current fiscal year.
In other Sunrun news, major shareholder Tiger Global Management Llc bought 62,394 shares of Sunrun stock in a transaction on Monday, July 2nd. The stock was bought at an average price of $13.58 per share, with a total value of $847,310.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders acquired 3,320,990 shares of company stock valued at $39,191,677. 19.45% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Mount Yale Investment Advisors LLC acquired a new stake in Sunrun in the first quarter valued at $139,000. Teacher Retirement System of Texas acquired a new stake in Sunrun in the fourth quarter valued at $140,000. Xact Kapitalforvaltning AB acquired a new stake in Sunrun in the second quarter valued at $204,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Sunrun by 36.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,366 shares of the energy company’s stock valued at $209,000 after acquiring an additional 6,200 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Sunrun by 47.6% in the first quarter. Victory Capital Management Inc. now owns 25,648 shares of the energy company’s stock valued at $229,000 after acquiring an additional 8,266 shares during the period. 77.69% of the stock is owned by institutional investors.
Sunrun Inc engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar leads. The company markets and sells its products through direct channels, partner channels, mass media, digital media, canvassing, referral, retail, and field marketing.
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