Sunrun Inc (NASDAQ:RUN) shares are up 19.07% this morning, after the company announced the opening of a new branch location in Hartford, Connecticut, and a pending decision that awaits investors of solar stocks this comping Friday. December 18 seems to be the hard date for Congress to decide on a potential extension of the Solar Investment Tax Credit, a credit which has provided a 30% tax credit for those who utilize solar power.
Sunrun Inc (NASDAQ:RUN) shareholders are certainly hopeful of an extension taking place, yet no decision has been made. The opening of the new Hartford office will bring new jobs to the area and will focus on helping the state of Connecticut reach their goal of generating 27 percent of their electricity via renewable energy by the year 2020. At the same time the expansion by Sunrun can only be seen as a good growth indicator for the company.
“Sunrun is excited to expand operations in Connecticut as the state has been instrumental in growing residential solar adoption throughout New England,” said Ed Steins, east coast general manager of Sunrun. “By opening an office in Hartford, we look forward to helping more homeowners lower their electricity bills with a clean energy source and bringing new employment opportunities to the community.”
The stock closed at $9.49 during the last trading session. It is up 6.00% since November 16, 2015 and is uptrending. It has outperformed the S&P500 by 9.68%.
From a total of 5 analysts covering Sunrun Inc (NASDAQ:RUN) stock, 5 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $17 while the lowest target price is $16. The mean of all analyst targets is $16.50 which is 73.87% above today’s ($9.49) stock price. Sunrun Inc was the topic of 6 analyst reports since August 31, 2015 according to the firm StockzIntelligence Inc. KeyBanc Capital Markets initiated shares on October 21 with a “” rating. RBC Capital Markets initiated shares with a”Outperform” rating and a $16 target share price in their report from an August 31. Goldman Sachs initiated RUN stock in a recent report from August 31 with a “Buy” rating. Finally, Bank of America initiated the stock with a “Buy” rating in a report they issued on an August 31.
Sunrun Inc. provides solar energy to homeowners. The company has a market cap of $959.27 million. The Company, either directly or through one of its solar partners, installs a solar energy system on a customer’s home and either sells the system to the homeowner or, as is more often the case, sells the energy generated by the system to the homeowner pursuant to a lease or power purchase agreement . It currently has negative earnings. The Company’s core solar product offerings are provided through a lease or a power purchase agreement, which are substantially similar to one another.