Here's Why Sunrun (RUN) Gained But Lagged the Market Today
In the latest trading session, Sunrun (RUN) closed at $14.61, marking a +0.27% move from the previous day. This change lagged the S&P 500's 0.4% gain on the day. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq gained 0.63%.
Coming into today, shares of the solar energy products distributor had lost 23.84% in the past month. In that same time, the Oils-Energy sector lost 7.82%, while the S&P 500 gained 3.76%.
Market participants will be closely following the financial results of Sunrun in its upcoming release. The company plans to announce its earnings on November 7, 2024. The company's earnings per share (EPS) are projected to be -$0.16, reflecting a 140% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $560.6 million, indicating a 0.46% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.17 per share and revenue of $2.13 billion, indicating changes of +97.62% and -5.59%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Sunrun. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.06% lower. Right now, Sunrun possesses a Zacks Rank of #3 (Hold).
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 152, placing it within the bottom 40% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Sunrun Inc. (RUN) : Free Stock Analysis Report