Norges Bank Makes New Investment in Sunrun Inc. $RUN

Norges Bank purchased a new position in shares of Sunrun Inc. (NASDAQ:RUN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,378,770 shares of the energy company’s stock, valued at approximately $62,169,000. Norges Bank owned approximately 1.46% of Sunrun as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its position in shares of Sunrun by 156.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,449 shares of the energy company’s stock worth $27,000 after purchasing an additional 885 shares in the last quarter. Sycomore Asset Management bought a new position in Sunrun in the third quarter valued at $28,000. Hantz Financial Services Inc. increased its stake in Sunrun by 59.1% in the 4th quarter. Hantz Financial Services Inc. now owns 1,519 shares of the energy company’s stock valued at $28,000 after buying an additional 564 shares during the last quarter. Optiver Holding B.V. bought a new stake in Sunrun during the 3rd quarter worth about $31,000. Finally, Salomon & Ludwin LLC lifted its position in Sunrun by 49.2% during the 4th quarter. Salomon & Ludwin LLC now owns 1,693 shares of the energy company’s stock worth $31,000 after buying an additional 558 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RUN. UBS Group decreased their price objective on Sunrun from $26.00 to $23.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Zacks Research lowered Sunrun from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 2nd. Jefferies Financial Group reduced their price target on Sunrun from $22.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, April 7th. Barclays decreased their price target on Sunrun from $23.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 21st. Finally, Loop Capital set a $12.00 price target on Sunrun in a research report on Tuesday, March 3rd. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.48.

Insider Buying and Selling

In related news, Director Lynn Michelle Jurich sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $15.92, for a total transaction of $796,000.00. Following the transaction, the director directly owned 459,091 shares of the company’s stock, valued at approximately $7,308,728.72. The trade was a 9.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mary Powell sold 193,002 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $13.25, for a total value of $2,557,276.50. Following the completion of the sale, the chief executive officer owned 934,282 shares in the company, valued at approximately $12,379,236.50. This trade represents a 17.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 692,786 shares of company stock valued at $9,339,291. Insiders own 3.55% of the company’s stock.

Sunrun Stock Down 9.9%

Sunrun stock opened at $13.35 on Friday. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.45 and a quick ratio of 1.09. The company’s 50-day moving average is $13.61 and its 200-day moving average is $16.20. The firm has a market capitalization of $3.18 billion, a PE ratio of 6.27 and a beta of 2.32. Sunrun Inc. has a fifty-two week low of $5.38 and a fifty-two week high of $22.44.

Sunrun (NASDAQ:RUN) last issued its earnings results on Wednesday, May 6th. The energy company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.67. Sunrun had a net margin of 17.88% and a return on equity of 14.06%. The business had revenue of $722.23 million during the quarter, compared to the consensus estimate of $688.50 million. During the same period last year, the business posted $0.20 EPS. Sunrun’s revenue was up 43.2% on a year-over-year basis. Sell-side analysts anticipate that Sunrun Inc. will post 1.09 earnings per share for the current year.

About Sunrun

Sunrun, Inc (NASDAQ: RUN) is a leading provider of residential solar energy systems in the United States. The company designs, installs and maintains rooftop solar panels and battery storage solutions for homeowners under flexible financing arrangements. Customers can choose from leasing, power purchase agreements or solar ownership models, all of which are supported by Sunrun’s network of installation partners and service technicians. Sunrun also offers integrated home energy management services, including its Brightbox battery storage product, which enables customers to store solar energy for use during peak hours or power outages.

Founded in 2007 by Lynn Jurich, Ed Fenster and Nat Kreamer, Sunrun is headquartered in San Francisco, California.