Sunrun Inc . (NASDAQ:RUN), a $2.54 billion market cap solar energy company, saw its Chief Financial Officer Danny Abajian recently sell 3,734 shares of the company's common stock, according to a recent SEC filing. According to InvestingPro data, the stock has shown significant price volatility, with shares currently trading at $11.37. The shares were sold at an average price of $11.1783, amounting to a total transaction value of $41,739. This sale was conducted to cover tax obligations arising from the settlement of vested restricted stock units.
In addition to the sale, Abajian reported a transfer of 5,766 shares, both acquired and disposed of, at no cost. These shares are part of the Abajian Family Trust, where he serves as a co-trustee. Following these transactions, Abajian holds 252,203 shares directly and indirectly, including 248,184 restricted stock units subject to vesting conditions.
In other recent news, Sunrun, a key player in the clean energy market, has been the focus of several analyst adjustments. Clear Street has revised Sunrun's stock price target from $25 to $23, while TD Cowen initiated coverage with a Buy rating. However, Piper Sandler, Truist Securities, and BMO Capital Markets have adjusted their stance on the company, citing concerns about cash generation capabilities and policy risks.
Sunrun's third-quarter performance demonstrated robust results with a milestone of 1 million customers and a record number of storage installations. The company's annual recurring revenue surpassed $1.5 billion, a 22% increase from the previous year, and installed 336 megawatt hours of storage, a 92% increase over the prior year.
In terms of recent developments, Sunrun announced a reshuffling of its board of directors with the departure of Gerald Risk and the appointment of John Trinta as the new Audit Committee Chair. The company also projects a cash generation of $50 to $125 million in the next quarter and $350 to $600 million in 2025. It anticipates installing 320 to 350 megawatt-hours of storage and 240 to 250 megawatts of solar capacity.
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