Sunrun (NASDAQ:RUN) Shares Gap Up - Here's Why

Sunrun Inc. (NASDAQ:RUN - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $8.86, but opened at $9.16. Sunrun shares last traded at $9.07, with a volume of 1,590,358 shares trading hands.

Analyst Upgrades and Downgrades

RUN has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their price objective on shares of Sunrun from $15.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Truist Financial reiterated a "hold" rating and set a $12.00 price objective (down from $18.00) on shares of Sunrun in a research note on Tuesday, November 12th. Oppenheimer dropped their target price on shares of Sunrun from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, November 8th. BMO Capital Markets dropped their target price on shares of Sunrun from $20.00 to $11.00 and set a "market perform" rating on the stock in a report on Monday, November 11th. Finally, Glj Research reissued a "sell" rating and set a $7.78 target price on shares of Sunrun in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.36.

Sunrun Stock Performance

The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -4.63 and a beta of 2.59. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.15 and a current ratio of 1.47. The company's 50 day simple moving average is $9.47 and its 200 day simple moving average is $13.51.

Insider Activity

In other news, Director Lynn Michelle Jurich sold 50,000 shares of the firm's stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $9.42, for a total transaction of $471,000.00. Following the completion of the transaction, the director now owns 1,041,753 shares in the company, valued at approximately $9,813,313.26. This trade represents a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CRO Paul S. Dickson sold 2,968 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $11.18, for a total transaction of $33,182.24. Following the transaction, the executive now owns 418,492 shares of the company's stock, valued at approximately $4,678,740.56. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,830 shares of company stock worth $1,572,147. Corporate insiders own 3.77% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sylebra Capital LLC boosted its holdings in shares of Sunrun by 124.0% in the fourth quarter. Sylebra Capital LLC now owns 6,683,162 shares of the energy company's stock worth $61,819,000 after buying an additional 3,699,405 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sunrun by 8.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 662,211 shares of the energy company's stock worth $6,125,000 after buying an additional 52,176 shares during the period. Vident Advisory LLC boosted its holdings in shares of Sunrun by 76.9% in the fourth quarter. Vident Advisory LLC now owns 20,219 shares of the energy company's stock worth $187,000 after buying an additional 8,792 shares during the period. Teza Capital Management LLC boosted its holdings in shares of Sunrun by 12.9% in the fourth quarter. Teza Capital Management LLC now owns 44,677 shares of the energy company's stock worth $413,000 after buying an additional 5,121 shares during the period. Finally, Raiffeisen Bank International AG acquired a new position in shares of Sunrun in the fourth quarter worth about $2,363,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.