Tortoise Capital Advisors L.L.C. lifted its stake in Sunrun Inc. (NASDAQ:RUN) by 293.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 287,866 shares of the energy company’s stock after purchasing an additional 214,772 shares during the quarter. Tortoise Capital Advisors L.L.C. owned 0.14% of Sunrun worth $17,410,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in the stock. Flow Traders U.S. LLC purchased a new stake in Sunrun in the 1st quarter worth about $359,000. Lombard Odier Asset Management USA Corp purchased a new stake in Sunrun in the 1st quarter worth about $726,000. Utah Retirement Systems purchased a new stake in Sunrun in the 1st quarter worth about $1,337,000. Zimmer Partners LP purchased a new stake in Sunrun in the 1st quarter worth about $5,292,000. Finally, Luminus Management LLC purchased a new stake in Sunrun in the 1st quarter worth about $1,059,000. Institutional investors and hedge funds own 92.01% of the company’s stock.
In related news, Chairman Edward Harris Fenster sold 54,092 shares of Sunrun stock in a transaction on Tuesday, June 1st. The stock was sold at an average price of $44.38, for a total transaction of $2,400,602.96. Following the completion of the sale, the chairman now directly owns 1,654,000 shares of the company’s stock, valued at $73,404,520. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas Arthur Vonreichbauer sold 10,054 shares of Sunrun stock in a transaction on Tuesday, June 29th. The stock was sold at an average price of $59.47, for a total value of $597,911.38. Following the sale, the chief financial officer now directly owns 185,350 shares of the company’s stock, valued at $11,022,764.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,293 shares of company stock valued at $8,928,488. 4.40% of the stock is currently owned by corporate insiders.
Sunrun (NASDAQ:RUN) last issued its quarterly earnings data on Wednesday, May 5th. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.08). Sunrun had a negative net margin of 16.17% and a negative return on equity of 0.21%. The business had revenue of $334.79 million during the quarter, compared to the consensus estimate of $313.42 million. As a group, analysts predict that Sunrun Inc. will post -0.16 earnings per share for the current year.
A number of research firms have recently weighed in on RUN. Stephens began coverage on Sunrun in a research note on Thursday, June 24th. They set an “overweight” rating and a $82.00 price target for the company. Evercore ISI began coverage on Sunrun in a research note on Monday, April 19th. They set an “outperform” rating and a $87.00 price target for the company. Morgan Stanley raised their price target on Sunrun from $86.00 to $91.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 16th. Guggenheim assumed coverage on Sunrun in a research note on Wednesday, June 2nd. They set a “buy” rating for the company. Finally, Piper Sandler raised Sunrun from a “neutral” rating to an “overweight” rating and set a $77.00 price objective on the stock in a report on Thursday, April 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $79.78.
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 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.
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