COP - Why Is Sunrun (RUN) Stock Up 18% Today?
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Sunrun (NASDAQ:RUN) stock is catching the interest of traders on Thursday after releasing its earnings report for the third quarter of 2022.
The big news that has investors in RUN stock talking today starts with its diluted earnings per share of 96 cents. That’s a surprise profit compared to Wall Street’s estimate of -7 cents per share. It also represents a major increase from the 11 cents reported in the third quarter of 2021.
To go along with that, Sunrun also reported revenue of $631.91 million. That’s another beat next to analysts’ estimate of $568.63 million for the quarter. It’s also a 44% increase year-over-year from $438.77 million.
What’s Behind the Major Earnings Growth?
According to Sunrun, subscriber value jumped to $43,446 in the third quarter of 2022. To put that in perspective, the company reported a subscriber value of $13,259 in the third quarter of 2022. The company is also expecting a sequential increase in subscriber value in Q4.
Danny Abajian, CFO of Sunrun, pointed out the increase in subscriber value during the earnings report.
“The actions we took throughout the year to respond to higher interest rates and material costs have resulted in strong improvements in our Net Subscriber Value, which exceeded our prior guidance, even excluding the benefit from the passage of the Inflation Reduction Act.”
Heavy trading is also helping out RUN stock today. As of this writing, more than 15 million shares of the stock have changed hands. That’s quite the leap over its daily average trading volume of about 7.6 million shares.
RUN stock is up 17.6% as of Thursday afternoon.
There’s more hot stock market news for traders to dive into below!
We’ve got all of the most recent stock stories for traders to read about on Thursday! A few examples include what’s happening with shares of Nikola (NASDAQ:NKLA), ConocoPhillips (NYSE:COP), and Qualcomm (NASDAQ:QCOM) stock today. You can find out more on these matters at the links below!
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