Sunrun (NASDAQ:RUN) Shares Gap Down – Here’s What Happened

Sunrun Inc. (NASDAQ:RUN)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $6.93, but opened at $6.68. Sunrun shares last traded at $6.53, with a volume of 2,201,269 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Royal Bank of Canada lowered their price objective on shares of Sunrun from $17.00 to $14.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Wells Fargo & Company lowered their price target on Sunrun from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Truist Financial reissued a “hold” rating and issued a $9.00 price objective (down from $12.00) on shares of Sunrun in a research note on Monday, March 3rd. Piper Sandler lowered Sunrun from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $11.00 in a research report on Friday, November 22nd. Finally, TD Cowen dropped their target price on Sunrun from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.20.

Sunrun Stock Down 4.9 %

The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -3.61 and a beta of 2.84. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.15 and a current ratio of 1.47. The business’s 50 day moving average is $8.86 and its 200-day moving average is $12.39.

Insider Transactions at Sunrun

In related news, Director Edward Harris Fenster purchased 150,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $6.80 per share, for a total transaction of $1,020,000.00. Following the transaction, the director now directly owns 1,358,182 shares of the company’s stock, valued at approximately $9,235,637.60. This trade represents a 12.42 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lynn Michelle Jurich sold 50,000 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $9.42, for a total transaction of $471,000.00. Following the transaction, the director now directly owns 1,041,753 shares of the company’s stock, valued at $9,813,313.26. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 171,466 shares of company stock worth $1,607,397. Company insiders own 3.77% of the company’s stock.

Hedge Funds Weigh In On Sunrun

Several institutional investors and hedge funds have recently added to or reduced their stakes in RUN. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Sunrun in the 4th quarter valued at $18,500,000. Principal Financial Group Inc. lifted its holdings in Sunrun by 33.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,460,949 shares of the energy company’s stock worth $26,385,000 after buying an additional 367,835 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Sunrun during the third quarter valued at $76,152,000. Essex Investment Management Co. LLC bought a new position in shares of Sunrun in the 4th quarter valued at about $403,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Sunrun by 113.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,515,302 shares of the energy company’s stock worth $45,426,000 after acquiring an additional 1,337,302 shares during the period. 91.69% of the stock is currently owned by 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.