The Vanguard Group, Inc. recently announced the acquisition of new stake in Sunrun Inc (NASDAQ:RUN). The institutional investor has increased its shareholding in the Technology company by 0.63% to 19.1 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 8.77% valued currently at $246.39 million. In addition, Grantham, Mayo, Van Otterloo & Co raised its holdings by 3.75 million to 14.18 million shares. And BNP Paribas Asset Management UK L has lifted its position by 3.16% or 0.32 million shares – to 10.59 million shares.
With over 28.03 million Sunrun Inc (RUN) shares trading Friday and a closing price of $18.63 on the day, the dollar volume was approximately $522.12 million. The shares have shown a negative half year performance of -3.67% and its price on 12/15/23 gained nearly 3.85%. Currently, there are 214.18M common shares owned by the public and among those 211.74M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 32 analysts who have offered their price forecasts for RUN have a consensus price objective of $19.56. The analysts have set the share’s price value over the next 12 months at a high of $43.00 and a low of $10.00. The average price target is 4.75% above its recent price level and a downside to the estimated low will see the stock lose -86.3% over that period. But an upside of 56.67% will see the stock hit the forecast high price target while median target price for the stock is $17.50.
Insiders at the company have transacted a total of 108 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 1,053,140 shares. Insider sales of the common stock occurred on 76 occasions, with total insider shares sold totaling 819,249 shares.
The top 3 mutual fund holders in Sunrun Inc are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Invesco Solar ETF. iShares Core S&P Mid Cap ETF owns 6.7 million shares of the company’s stock, all valued at over $86.42 million. The company bought an additional 1188.0 shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard Total Stock Market ETF bought 85562.0 shares to see its total holdings expand to 6.45 million shares valued at over $83.2 million and representing 2.96% of the shares outstanding. Invesco Solar ETF bought 16103.0 shares to bring its total holdings to over 6.2 million shares at a value of $79.95 million. Invesco Solar ETF now owns shares totaling to 2.84% of the shares outstanding.
Shares of Sunrun Inc (NASDAQ: RUN) opened at $18.46, up $0.52 from a prior closing price of $17.94. However, the script later moved the day high at 18.98, up 3.85%. The company’s stock has a 5-day price change of 44.53% and 32.13% over the past three months. RUN shares are trading -22.44% year to date (YTD), with the 12-month market performance down to -43.08% lower. It has a 12-month low price of $8.43 and touched a high of $33.19 over the same period. RUN has an average intraday trading volume of 13.31 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 43.37%, 62.40%, and 14.94% respectively.
Institutional ownership of Sunrun Inc (NASDAQ: RUN) shares accounts for 99.03% of the company’s 214.18M shares outstanding. Mutual fund holders own 42.49%, while other institutional holders and individual stakeholders account for 57.89% and 27.23% respectively.
It has a market capitalization of $4.06B and a beta (3y monthly) value of 2.51. The earnings-per-share (ttm) stands at -$5.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.79% over the week and 8.36% over the month.
Analysts forecast that Sunrun Inc (RUN) will achieve an EPS of -$0.26 for the current quarter, -$0.42 for the next quarter and -$1.19 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.96 while analysts give the company a high EPS estimate of $0.8. Comparatively, EPS for the current quarter was $0.29 a year ago. Earnings per share for the fiscal year are expected to decrease by -786.62%, and 81.83% over the next financial year. EPS should shrink at an annualized rate of -8.00% over the next five years, compared to -7.36% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 32 brokerage firm advisors rate Sunrun Inc (RUN) as a “Strong Buy” at a consensus score of 1.72. Specifically, 20 Wall Street analysts polled rate the stock as a buy, while 8 of the 32 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the RUN, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on December 15, 2023, with the firm’s price target at $25.
