As per the latest reports, the share prices for Sunrun have experienced a rise on the Friday, September 10, 2021 trading. The reason behind the rise in the share prices for the company was an intervention made by the analysts from Needham.
According to sources, the analysts at Needham recently went ahead and updated the share price target for the company as well as its buy rating. Needham is one of the major solar energy systems companies that is providing its equipment to residential areas on a large scale.
Vikram Bagri, one of the senior analysts at Needham went ahead and released a statement in favor of Sunrun. Bagri talked about the presence of Sunrun in the United States and how much input it has been giving for the solar energy sector.
He revealed that over the course of time, Sunrun has built up a tremendous reputation and user base in the United States. He stated that Sunrun has covered a large chunk of residential areas in the United States that are installing solar energy systems.
He stated that as of now, Sunrun’s contribution to the US residential solar energy sector is 15%. According to Bagri, the coverage percentage recorded by Sunrun is twice the percentage of its closest rival.
Bagri revealed that ever since its launch in 2016, Sunrun has continued growing at a very fast rate. They are confident that it will continue happening and Sunrun will keep growing larger in size.
He revealed that one of the major factors why the demand has shot up so much in the past few years is the mass adoption of electric vehicles. As people acquire electricity-powered cars, they want to be self-independent on the fueling systems. This means that more and more people have started installing solar panels and charging systems in their houses to charge their cars.
With the passage of time, the global population will eventually start adopting smart-energy sources. This is when the fuel-running cars will cease to exist and the world will be dominated by eco-friendly cars. When that happens, more and more solar energy will be acquired through industries as well as residents for their daily needs.
Therefore, Sunrun will continue benefiting from this move, and its strategy so far has been on the mark. The industry will continue growing bigger and better, and soon, it will expand on a global scale.
According to figures from the stock markets, the share prices for Sunrun have experienced a 4.75% rise on Friday, September 10, 2021 trading. This resulted in the share prices for Sunrun to go all the way up to $46.75 per share.
The White House also introduced a new plan where it claimed that by 2050, half the country will be running on solar energy. This is eventually going to prove favorable for Sunrun as more consumers will be coming its way for its high reputation in the US market.