Morgan Stanley Reiterates “Overweight” Rating for Sunrun (NASDAQ:RUN)

Sunrun (NASDAQ:RUN)‘s stock had its “overweight” rating reissued by equities research analysts at Morgan Stanley in a note issued to investors on Tuesday, Benzinga reports. They currently have a $35.00 price target on the energy company’s stock. Morgan Stanley’s price target indicates a potential upside of 85.09% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Barclays increased their target price on shares of Sunrun from $16.00 to $19.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Sunrun from $12.00 to $16.50 and gave the stock a “hold” rating in a report on Thursday, August 8th. Piper Sandler upped their target price on Sunrun from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. The Goldman Sachs Group increased their price target on Sunrun from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, BMO Capital Markets boosted their price objective on Sunrun from $17.00 to $20.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Sunrun currently has an average rating of “Moderate Buy” and an average price target of $22.33.

Sunrun Price Performance

NASDAQ:RUN opened at $18.91 on Tuesday. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.31 and a current ratio of 1.66. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of -2.84 and a beta of 2.59. Sunrun has a one year low of $8.43 and a one year high of $22.26. The stock has a 50-day simple moving average of $18.61 and a 200 day simple moving average of $14.48.

Sunrun (NASDAQ:RUN) last issued its earnings results on Tuesday, August 6th. The energy company reported $0.55 EPS for the quarter, topping the consensus estimate of ($0.33) by $0.88. The company had revenue of $523.87 million during the quarter, compared to analyst estimates of $516.76 million. Sunrun had a negative return on equity of 2.41% and a negative net margin of 66.36%. During the same quarter last year, the firm earned $0.25 EPS. The business’s revenue was down 11.2% on a year-over-year basis. Sell-side analysts predict that Sunrun will post -0.16 EPS for the current fiscal year.

Insider Activity

In related news, insider Jeanna Steele sold 2,513 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $12.61, for a total transaction of $31,688.93. Following the sale, the insider now owns 312,774 shares of the company’s stock, valued at $3,944,080.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Danny Abajian sold 4,662 shares of Sunrun stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $12.62, for a total value of $58,834.44. Following the transaction, the chief financial officer now owns 283,098 shares of the company’s stock, valued at approximately $3,572,696.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeanna Steele sold 2,513 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $12.61, for a total transaction of $31,688.93. Following the completion of the sale, the insider now owns 312,774 shares in the company, valued at $3,944,080.14. The disclosure for this sale can be found here. Insiders sold 178,675 shares of company stock worth $3,253,289 over the last three months. Corporate insiders own 3.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Sunrun by 14.0% during the 1st quarter. Vanguard Group Inc. now owns 22,325,106 shares of the energy company’s stock worth $294,245,000 after acquiring an additional 2,743,148 shares in the last quarter. Greenvale Capital LLP lifted its holdings in shares of Sunrun by 20.5% during the second quarter. Greenvale Capital LLP now owns 11,750,000 shares of the energy company’s stock valued at $139,355,000 after purchasing an additional 2,000,000 shares during the last quarter. Robeco Schweiz AG boosted its position in shares of Sunrun by 23.5% in the 1st quarter. Robeco Schweiz AG now owns 4,611,300 shares of the energy company’s stock valued at $60,777,000 after purchasing an additional 876,000 shares during the period. Dimensional Fund Advisors LP increased its stake in Sunrun by 20.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,385,218 shares of the energy company’s stock worth $52,025,000 after purchasing an additional 729,633 shares in the last quarter. Finally, Sylebra Capital LLC acquired a new stake in Sunrun during the 2nd quarter worth about $35,387,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

Sunrun Company Profile

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.