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Why is Sunrun Inc (RUN) Stock down?

We've noticed a 5.32% decline in Sunrun Inc (RUN) stock during the 2024-06-13 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
16 Jan, 2024:

Sunrun Inc (RUN) stock dropped by 5.89% due to the company's announcement of layoffs affecting 62 employees across three San Diego County locations. The layoffs are attributed to reduced customer demand for rooftop solar installations.

  • Layoffs and Locations: Sunrun laid off 15 employees at its Vista location, 10 at the 30th Street office in San Diego, and 37 at the Miramar branch, which is now being closed. These layoffs were effective from January 13.
  • Broader Impact: Sunrun's layoffs are not limited to San Diego, as the company issued a Worker Adjustment and Retraining Notification (WARN) revealing 280 statewide layoffs with varying effective dates between October 2, 2023, and January 13.
  • Challenges in the Rooftop Solar Industry: The rooftop solar industry faces financial challenges, including the impact of higher interest rates and regulatory changes. New rules, known as NEM 3, have reduced compensation rates for new rooftop solar customers, leading to a 75% reduction in average compensation rates.
08 Dec, 2023:

Shares of Sunrun Inc (RUN) dropped by 7.07% from $13.87 to $12.89 in the trading on Friday, December 8, 2023. The reason why is RUN down today is due to insider selling within the company. Specifically, Chief Financial Officer (CFO) Danny Abajian sold 1,873 shares of the company's stock on Wednesday, December 6th, at an average price of $14.75 per share, amounting to a total value of $27,626.75. Following this transaction, the CFO now holds 209,856 shares directly, valued at approximately $3,095,376. This insider selling activity was disclosed in compliance with the Securities and Exchange Commission (SEC) regulations.

20 Oct, 2023:

Shares of Sunrun Inc. (RUN) dropped by 6.90% from $10.58 to $9.85 in the trading on Friday, October 20, 2023. The reasons why RUN stock down include:

  • Impact of SolarEdge's News: SolarEdge's negative developments and poor performance had a cascading effect, not only affecting its own investors but also spilling over to related companies in the residential solar business like Sunrun, Sunnova, and SunPower. SolarEdge's announcement highlighted slower-than-expected installation rates of solar power systems, causing an inventory surplus and weak sales. This also hinted at potential challenges for companies like Sunnova that rely on SolarEdge's inverters for the panels they install.
  • Analyst Downgrade: Deutsche Bank downgraded Sunrun from a Buy rating to a Hold rating. Additionally, JPMorgan Chase & Co. lowered their price target on the stock from $35.00 to $21.00.
05 Oct, 2023:

Shares of Sunrun Inc. (RUN) dropped by 5.03% from $10.54 to $10.01 in the trading on Thursday October 5, 2023. The reason why stock RUN is down today is due to the latest analyst rating. On October 4, Truist's Jordan Levy downgraded Sunrun to Hold from Buy, and cut the price target from $30 to $12. He pointed out that residential solar panel installers are being negatively impacted by persistently high interest rates, which has caused a broader selloff in sustainability equities. Investors are now weighing short-term challenges against long-term value creation, with a focus on consistent profitability and margin improvement, which is challenging in the current economic climate. Rising costs due to high interest rates not only reduce customer demand for solar panels but also hinder cash generation for these companies.

02 Oct, 2023:

Shares of Sunrun Inc. (RUN) dropped by 10.51% from $12.56 to $11.24 in the trading on Monday October 2, 2023. The reasons why stock RUN is down today includes:

  • Q3 2023 Earnings Call Schedule: Sunrun today announced that it will issue its third quarter 2023 earnings report after the market close on Wednesday, November 1, 2023. As the investors are pessimistic on the company's Q3 earnings, which led to a decline in stock price after the announcement.
  • Latest Analyst Ratings: Nine analysts have an average price target of $29.33 for Sunrun, with the current price at $11.26, indicating potential upside. However, this average has dropped by 4.37% from the previous target of $30.67. The fall in price target due to the lastest analyst ratings contributed to the situation that RUN stock is down today.
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