Sunrun Inc (NASDAQ:RUN) shares are trading higher by 8.30% to $26.36 after the company reported better-than-expected first-quarter sales results.
Sunrun reported quarterly losses of 42 cents per share which missed the analyst consensus estimate of a loss of 17 cents. The company reported quarterly sales of $495.80 million which beat the analyst consensus estimate of $401.31 million by 24%.
Sunrun saw customer additions of 29,463 in the first quarter, bringing the company’s total customers to 689,774.
“Sunrun is in an enviable, market-leading position to become the chosen provider of clean energy across America,” said Mary Powell, Sunrun’s Chief Executive Officer.
“We are seeing tremendous growth across our business, with customer orders increasing 39% compared to the prior year as more families demand clean, affordable and reliable energy.”
Following the first-quarter results, Needham analyst Vikram Bagri maintained Sunrun with a Buy and raised the price target from $41 to $42.
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Sunrun is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems in the United States.
According to data from Benzinga Pro, Sunrun has a 52-week high of $60.60 and a 52-week low of $18.61.
