Sunrun (RUN) Trading Up 7.4% Following Insider Buying Activity
Sunrun Inc (NASDAQ:RUN) was up 7.4% during mid-day trading on Friday following insider buying activity. The stock traded as high as $12.22 and last traded at $12.22. Approximately 1,459,633 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 2,138,552 shares. The stock had previously closed at $11.38.
Specifically, CEO Lynn Michelle Jurich sold 131,004 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $14.13, for a total transaction of $1,851,086.52. Following the transaction, the chief executive officer now owns 2,984,586 shares of the company’s stock, valued at approximately $42,172,200.18. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Edward Harris Fenster sold 90,224 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $15.22, for a total value of $1,373,209.28. Following the transaction, the chairman now directly owns 2,281,215 shares in the company, valued at approximately $34,720,092.30. The disclosure for this sale can be found here. In the last three months, insiders purchased 1,306,218 shares of company stock valued at $16,689,298 and sold 229,540 shares valued at $3,332,186. Corporate insiders own 19.45% of the company’s stock.
A number of research analysts have commented on the company. JMP Securities reaffirmed a “buy” rating and set a $21.00 target price on shares of Sunrun in a report on Monday, July 16th. Bank of America increased their target price on Sunrun from $11.00 to $15.00 and gave the stock an “underperform” rating in a report on Tuesday, July 24th. Morgan Stanley downgraded Sunrun from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $8.00 to $15.00 in a report on Friday, August 3rd. They noted that the move was a valuation call. Roth Capital set a $18.00 price target on Sunrun and gave the stock a “buy” rating in a research report on Thursday, August 9th. Finally, ValuEngine cut Sunrun from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $14.77.
Sunrun (NASDAQ:RUN) last announced its quarterly earnings results on Thursday, August 9th. The energy company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.31). The company had revenue of $170.50 million for the quarter, compared to analyst estimates of $167.64 million. Sunrun had a return on equity of 7.49% and a net margin of 20.26%. The firm’s revenue for the quarter was up 30.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 earnings per share. Research analysts expect that Sunrun Inc will post 1.07 EPS for the current year.
Several institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in shares of Sunrun by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 29,724 shares of the energy company’s stock worth $391,000 after purchasing an additional 4,076 shares during the period. Aperio Group LLC increased its position in Sunrun by 20.8% in the 1st quarter. Aperio Group LLC now owns 31,228 shares of the energy company’s stock valued at $279,000 after acquiring an additional 5,378 shares during the period. United Services Automobile Association increased its position in Sunrun by 25.4% in the 2nd quarter. United Services Automobile Association now owns 27,185 shares of the energy company’s stock valued at $357,000 after acquiring an additional 5,507 shares during the period. Swiss National Bank increased its position in Sunrun by 7.2% in the 1st quarter. Swiss National Bank now owns 120,450 shares of the energy company’s stock valued at $1,076,000 after acquiring an additional 8,100 shares during the period. Finally, Point72 Asset Management L.P. increased its position in Sunrun by 1.0% in the 1st quarter. Point72 Asset Management L.P. now owns 978,201 shares of the energy company’s stock valued at $8,735,000 after acquiring an additional 9,912 shares during the period. Institutional investors and hedge funds own 79.01% of the company’s stock.
Sunrun Company Profile (NASDAQ:RUN)
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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