The stock of Sunrun Inc. (NASDAQ:RUN) is now priced at $36.6 and the shares are -3.86 points down or -9.53% lower compared to its previous closing price of $40.46. The stock had 9.492 million contracts set over the past session. RUN shares’ daily volume is compared to its average trading volume at 3.163 million shares. However, it has a float of 116 million and although its performance was 3.8% over the week, it’s one to watch. Analysts have given the RUN stock a yearly average price target of $35.33 per share. It means the stock’s downside potential is -3.47% with the RUN share price recently placing at $39.51 to $41.99. However, some brokerage firms have priced the stock below the average, including one that has called $23.
The shorts are running away from the Sunrun Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the RUN shares have declined. Short interest in the stock represents just 15.33% of its float, but the volume has dropped by -960427. The volume of shorted shares dropped to 17.774 million from 18.734 million shares over the last two weeks. The average intraday trading volume has been 6.485 million shares, which means that days to cover moved to roughly 2.740743.
In the last trading session, Sunrun Inc. (NASDAQ:RUN) dropped by -$3.74 over the week and gained $16.89 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $43.18. The stock recorded its established 52-week high on 07/27/20.
Since 03/17/20, the stock has traded to a low of $7.84 at 367.2%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.78. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Sunrun Inc.’s two-week RSI is 62.02. This suggests that the stock is neutral at the moment and that RUN shares’ price movement remains stable. The stochastic readings are equally revealing at 79.6% meaning the RUN share price is currently in oversold territory.
The technical chart shows that the RUN stock will likely settle at between $41.8 and $43.13 per share. However, if the stock dips below $39.32, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $38.17.
Currently, the stock is trading in the green of MACD, with a reading of 0.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at KeyBanc Capital Markets raised their recommendation for RUN from Sector Weight to Overweight in July 13 review while maintain their target price of $32. KeyBanc Capital Markets analysts downgraded their recommendation of the stock from Overweight to Sector Weight in a flash note released to investors on February 19. JP Morgan analysts see the stock as Overweight when the analysts initiated the share price coverage on January 16, placing it at $19.
The average rating for the RUN equity is 2.1 and is currently gathering a bullish momentum. Of 9 analysts tracking Sunrun Inc. polled by Reuters, 1 rated RUN as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the RUN stock price is 47.94X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 404.6 above the group’s average of 51.5. Sunrun Inc. has its P/E ratio at 5.7, which means that the stock is currently trading at a premium relative to the 3.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sunrun Inc. (NASDAQ:RUN) will decrease by about -99.91%, which will see them reach $187.56 million. The company’s full-year revenues are, however, expected to diminish by about -0.79%, down from $858.58 million to $851.82 million. RUN’s expected adjusted earnings should drop almost -1700% to end up at $0.16 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 80.95% to record $0.38/share.