Sunrun Inc (NASDAQ:RUN) shares are trading higher Wednesday. The company was selected to be moved from the S&P MidCap 400 to the S&P SmallCap 600.
What Happened: S&P Dow Jones Indices announced late Tuesday that Sunrun will replace PGT Innovations in the S&P SmallCap 600, effective prior to the market open on April 1. MITER Brands is acquiring PGT Innovations in a transaction expected to be completed on or about March 28.
S&P Dow Jones Indices said Roivant Sciences will replace Sunrun in the S&P MidCap 400.
Sunrun shares are down more than 40% over a one-year period. The stock has been largely trending lower since it made all-time highs in early 2021 above $95 per share.
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RUN Stock Prediction 2024
Sunrun’s revenue growth in FY23 was -2.65%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.6%, growing 1.6% from last year. The unemployment rate was most recently reported as 3.9%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Sunrun stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Sunrun operates in the Industrials sector. The stock has experienced average annual growth of -39.18% compared to the 7.65% average of its peer companies. This is below the broader sector movement of Sunrun.
RUN Price Action: Sunrun shares were up 3.46% at $11.67 at the time of publication, according to Benzinga Pro.
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