Sunrun (NASDAQ:RUN) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Sunrun Inc. (NASDAQ:RUN) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $8.11 and traded as high as $8.42. Sunrun shares last traded at $8.25, with a volume of 15,239,859 shares trading hands.

Wall Street Analysts Forecast Growth

RUN has been the topic of a number of research analyst reports. Weiss Ratings upgraded Sunrun from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 9th. TD Cowen decreased their target price on Sunrun from $21.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Citigroup cut their price target on Sunrun from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Wells Fargo & Company reduced their price objective on Sunrun from $22.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. Finally, Royal Bank Of Canada lowered their target price on shares of Sunrun from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.39.

Sunrun Stock Performance

The stock has a market cap of $1.99 billion, a PE ratio of 5.57 and a beta of 2.44. The stock has a fifty day moving average of $8.11 and a 200-day moving average of $12.43. The company has a quick ratio of 1.00, a current ratio of 1.42 and a debt-to-equity ratio of 3.34.

Sunrun (NASDAQ:RUN) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.23 by $0.19. Sunrun had a return on equity of 9.59% and a net margin of 11.59%. The firm had revenue of $869.99 million during the quarter, compared to the consensus estimate of $746.87 million. During the same period in the prior year, the business earned $1.07 EPS. The firm’s revenue was up 52.8% compared to the same quarter last year. On average, equities analysts forecast that Sunrun Inc. will post 1.46 EPS for the current year.

Insider Buying and Selling

In other news, insider Jeanna Steele sold 10,042 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $7.76, for a total transaction of $77,925.92. Following the completion of the sale, the insider owned 451,673 shares in the company, valued at $3,504,982.48. This represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Danny Abajian sold 16,734 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $7.76, for a total value of $129,855.84. Following the sale, the chief financial officer owned 386,532 shares of the company’s stock, valued at $2,999,488.32. This trade represents a 4.15% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 68,719 shares of company stock worth $533,277. 3.55% of the stock is currently owned by company insiders.

Institutional Trading of Sunrun

Institutional investors have recently modified their holdings of the business. Leonteq Securities AG increased its position in shares of Sunrun by 26.8% in the first quarter. Leonteq Securities AG now owns 6,281 shares of the energy company’s stock valued at $85,000 after buying an additional 1,327 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Sunrun by 3.7% in the 2nd quarter. Van ECK Associates Corp now owns 42,838 shares of the energy company’s stock worth $573,000 after buying an additional 1,528 shares in the last quarter. Summit Global Investments boosted its position in shares of Sunrun by 8.5% in the 3rd quarter. Summit Global Investments now owns 20,444 shares of the energy company’s stock worth $159,000 after buying an additional 1,606 shares in the last quarter. Allworth Financial LP acquired a new stake in Sunrun in the 2nd quarter valued at about $25,000. Finally, Pictet Asset Management Holding SA grew its stake in Sunrun by 6.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 37,646 shares of the energy company’s stock valued at $510,000 after acquiring an additional 2,137 shares during the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

About Sunrun

Sunrun Inc is a residential clean-energy company that designs, sells, installs, owns and maintains home solar energy systems. The company provides rooftop solar panels and related equipment through purchase and financing options, as well as subscription-based solar-as-a-service arrangements under which customers pay for the electricity their systems produce.

Sunrun also offers home energy storage through its Brightbox battery product. These systems can store solar-generated electricity for use when solar production is unavailable and may provide backup power during grid outages.