Why Sunrun Stock Is Trading Higher Today

Sunrun Inc RUN shares are trading higher Thursday after the solar company reported better-than-expected financial results. 

Sunrun said second-quarter revenue jumped 46% year-over-year to $584.58 million, which beat average analyst estimates of $494.8 million, according to data from Benzinga Pro.

The solar company reported a quarterly net loss of $12.4 million, or 6 cents per share, which beat average analyst estimates for a loss of 10 cents per share.

Sunrun said it added 34,403 customers in the second quarter, bringing total customers to 724,177, up 21% year-over-year.

"The proposed legislation currently being evaluated by Congress would turbocharge the transition we are facilitating for customers to a more secure, comfortable, and affordable way to power their lives," said Mary Powell, CEO of Sunrun.

Sunrun said it continues to expect solar energy capacity installed growth to be 25% or greater for full-year 2022. Total value generated is expected to be "substantially greater" than $900 million for the full year. Net subscriber value is expected to be above $10,000 in both the third and fourth quarters.

See Also: Jim Chanos Slaps Down Sunrun's Response To Muddy Waters Report: Here's What The Famed Short Seller Said

Piper Sandler analyst Kashy Harrison maintained Sunrun with a Neutral rating and raised the price target from $29 to $30 following the company's results.

RUN Price Action: Sunrun has traded between $36 and $16.80 over a 52-week period.

The stock was up 6.34% at $32.69 at press time, according to Benzinga Pro.

Photo: schropferoval from Pixabay.