PNC Financial Services Group Inc. boosted its position in Sunrun Inc. (NASDAQ:RUN) by 37.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,559 shares of the energy company’s stock after purchasing an additional 2,328 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sunrun were worth $477,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RUN. Viking Global Investors LP bought a new stake in Sunrun in the 1st quarter valued at $265,880,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Sunrun by 127.9% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,917,359 shares of the energy company’s stock valued at $274,290,000 after purchasing an additional 2,759,237 shares during the period. BlackRock Inc. boosted its stake in Sunrun by 11.1% in the 1st quarter. BlackRock Inc. now owns 26,255,948 shares of the energy company’s stock valued at $1,587,959,000 after purchasing an additional 2,623,954 shares during the period. Lord Abbett & CO. LLC boosted its stake in Sunrun by 132.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,852,796 shares of the energy company’s stock valued at $112,057,000 after purchasing an additional 1,057,330 shares during the period. Finally, APG Asset Management N.V. bought a new stake in shares of Sunrun during the 1st quarter valued at $46,972,000. Institutional investors and hedge funds own 92.97% of the company’s stock.
Shares of Sunrun stock opened at $43.76 on Friday. Sunrun Inc. has a one year low of $37.42 and a one year high of $100.93. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.25 and a quick ratio of 0.94. The stock’s 50-day moving average is $47.74 and its 200 day moving average is $49.82. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of -47.56 and a beta of 2.09.
A number of research firms have recently weighed in on RUN. Zacks Investment Research upgraded Sunrun from a “sell” rating to a “hold” rating in a research report on Thursday, August 19th. Guggenheim began coverage on Sunrun in a research report on Wednesday, June 2nd. They set a “buy” rating for the company. Truist cut their target price on Sunrun from $81.00 to $74.00 and set a “buy” rating for the company in a research report on Monday, August 9th. They noted that the move was a valuation call. Morgan Stanley boosted their price target on Sunrun from $86.00 to $91.00 and gave the stock an “overweight” rating in a report on Wednesday, June 16th. Finally, Truist Securities lowered their price target on Sunrun from $81.00 to $74.00 and set a “buy” rating for the company in a report on Monday, August 9th. Three investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $79.29.
In other news, Chairman Edward Harris Fenster sold 5,886 shares of the firm’s stock in a transaction that occurred on Tuesday, June 22nd. The stock was sold at an average price of $49.18, for a total value of $289,473.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Jeanna Steele sold 3,334 shares of the firm’s stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $51.50, for a total value of $171,701.00. Following the completion of the transaction, the general counsel now owns 116,698 shares in the company, valued at approximately $6,009,947. The disclosure for this sale can be found here. In the last quarter, insiders sold 146,718 shares of company stock worth $7,143,661. Corporate insiders own 4.40% of the company’s stock.
SunRun, Inc engages in the design, development, installation, sale, ownership and maintenance of residential solar energy systems. It sells solar service offerings and install solar energy systems for homeowners through its direct-to-consumer channel. The firm also offers plans such as monthly lease, full amount lease, purchase system, and monthly loan.
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