A contractor carries a SunRun photo voltaic panel on the roof of a house in San Jose, California, U.S., on Monday, Feb. 7, 2022.
David Paul Morris | Bloomberg | Getty Photos
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Sunrun inventory jumped almost 14% on Wednesday because the rooftop photo voltaic installer sees a chance to snag market share after competitor SunPower filed for chapter this week.
Sunrun CEO Mary Powell stated the corporate is having conversations with a lot of SunPower’s former sellers and is bringing a few of them on as companions.
“This presents a chance for Sunrun to proceed our trade management and achieve share in a financially disciplined and measured approach,” Powell instructed analysts on the corporate’s second-quarter earnings name Tuesday.
SunPower filed for chapter Monday as the corporate has struggled for months within the face of excessive rates of interest and allegations of misconduct in its reporting practices. The chapter comes after SunPower halted new leases, installations and product shipments in July.
Sunrun has employed two former SunPower executives, Matt Brost and Ellen Struck, to guide the corporate’s new properties enterprise.
“We count on strategic development within the new properties section within the coming quarters,” Powell stated.
Sunrun posted a shock revenue for the second quarter and likewise beat Wall Road’s income expectations. The corporate launched money technology steerage of $350 million to $600 million for 2025.
Goldman Sachs raised its 12-month inventory worth goal for Sunrun by $2 to $20 per share, implying 21% upside from Tuesday’s shut of $16.49.
“Trying forward, we count on this robust money movement to assist continued market share positive factors,” Goldman Sachs analyst Brian Lee instructed shoppers in a observe Wednesday.
Sunrun’s inventory is up 55% over the previous month, although shares are down about 4% up to now this yr. The Invesco Photo voltaic ETF (TAN), in contrast, is up almost 2% over the previous month and down about 24% this yr.
