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Sunrun Stock Drops after Joe Manchin’s Unsupportive Climate Change Comments
On the surface, it’s hard to see how times wouldn’t be good for solar power equipment installer Sunrun ( RUN ) right now. Electric bills are spiking, and, in some places, the current electric power grid has never been so unreliable. Yet, the stock is currently down 8.9% on the day.
The reason behind the losses features a bit of a sea change at the federal government level. Word out of Democrat Senator Joe Manchin notes that he will not provide support for climate change funding bills. The announcement comes after other Democrats specifically reworked the legislation to better suit Manchin’s interests in the matter.
This is hitting not only Sunrun but other solar power companies hard too. I’ve been bearish on Sunrun before, and the latest news will only serve to cement that position further.
Sunrun seems to have finally found a plateau around the $21-$27 level, where it’s been for the past few weeks. The bad news is that this is down substantially from its 52-week high back in late October and early November, where it was challenging the $60 mark. Wall Street’s Take on Sunrun Stock
Turning to Wall Street, Sunrun has a Strong Buy consensus rating. That’s […]