Wells Fargo & Company Cuts Sunrun (NASDAQ:RUN) Price Target to $8.00

Sunrun (NASDAQ:RUN) had its target price lowered by Wells Fargo & Company from $10.00 to $8.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the energy company’s stock.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of Sunrun from a “hold” rating to a “sell” rating in a research report on Friday, June 6th. Jefferies Financial Group downgraded shares of Sunrun from a “hold” rating to an “underperform” rating and reduced their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, June 11th. Truist Financial restated a “hold” rating and issued a $6.00 price target (down from $9.00) on shares of Sunrun in a research report on Wednesday, April 16th. Glj Research cut shares of Sunrun from a “hold” rating to a “sell” rating in a report on Tuesday, June 17th. Finally, The Goldman Sachs Group raised their target price on shares of Sunrun from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $13.26.

Sunrun Trading Down 4.1%

Sunrun stock opened at $7.43 on Wednesday. The firm’s 50-day moving average is $8.15 and its 200-day moving average is $8.22. The company has a debt-to-equity ratio of 3.89, a quick ratio of 0.99 and a current ratio of 1.32. Sunrun has a 1 year low of $5.38 and a 1 year high of $22.26. The company has a market cap of $1.70 billion, a P/E ratio of -0.61 and a beta of 2.61.

Sunrun (NASDAQ:RUN) last posted its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.42. Sunrun had a negative net margin of 129.97% and a positive return on equity of 9.42%. The company had revenue of $504.27 million for the quarter, compared to the consensus estimate of $487.29 million. During the same period last year, the firm posted ($0.40) EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, equities analysts expect that Sunrun will post -0.43 earnings per share for the current year.

Insider Transactions at Sunrun

In other news, CFO Danny Abajian sold 16,927 shares of Sunrun stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $6.74, for a total value of $114,087.98. Following the transaction, the chief financial officer now directly owns 231,279 shares of the company’s stock, valued at $1,558,820.46. This trade represents a 6.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mary Powell sold 31,197 shares of Sunrun stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $6.74, for a total transaction of $210,267.78. Following the completion of the transaction, the chief executive officer now directly owns 534,615 shares in the company, valued at approximately $3,603,305.10. This trade represents a 5.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,993 shares of company stock valued at $612,979 in the last quarter. Insiders own 3.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RUN. Alyeska Investment Group L.P. increased its position in shares of Sunrun by 593.9% in the fourth quarter. Alyeska Investment Group L.P. now owns 12,028,454 shares of the energy company’s stock worth $111,263,000 after acquiring an additional 10,294,947 shares in the last quarter. Greenvale Capital LLP increased its position in shares of Sunrun by 50.3% in the fourth quarter. Greenvale Capital LLP now owns 13,500,000 shares of the energy company’s stock worth $124,875,000 after acquiring an additional 4,516,793 shares in the last quarter. Sylebra Capital LLC boosted its holdings in shares of Sunrun by 124.0% during the fourth quarter. Sylebra Capital LLC now owns 6,683,162 shares of the energy company’s stock worth $61,819,000 after purchasing an additional 3,699,405 shares during the period. Norges Bank acquired a new stake in shares of Sunrun during the fourth quarter worth approximately $31,022,000. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Sunrun during the fourth quarter worth approximately $18,500,000. 91.69% of the stock is owned by hedge funds and other 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.