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Sunrun Inc. (NASDAQ:RUN) reported better-than-expected second-quarter financial results and announced a partnership with Tesla to support Texas’s power grid on Tuesday.
Sunrun reported second-quarter revenue of $523.866 million, beating analyst estimates of $515.167 million, according to data from Benzinga Pro. The company reported second-quarter earnings of 55 cents per share, beating estimates for a loss of 31 cents per share.
"In the second quarter we again set new records for both storage installation and attachment rates, further differentiating Sunrun in the industry, beating the high-end of our storage installation guidance and delivering solid quarter-over-quarter growth for solar installation, Cash Generation and Net Subscriber Value," said Mary Powell, CEO of Sunrun. "Our primary focus is on expanding our differentiation, launching additional products and services to expand customer lifetime values, and remaining a disciplined, margin-focused leader in the sector to drive meaningful Cash Generation."
Sunrun also announced a partnership with Tesla Electric, a retail electricity provider operated by Tesla Energy Ventures LLC, a subsidiary of Tesla.
Sunrun shares rose 17% to trade at $19.30 on Wednesday.
These analysts made changes to their price targets on Sunrun following earnings announcement.
Considering buying RUN stock? Here’s what analysts think:
Posted In: RUN