Sunrun (NASDAQ: RUN) stock fell about 4% in the early trading hours on Monday after being chosen to move from the S&P MidCap 400 to the S&P SmallCap 600 index.
The S&P Global revealed changes to its SmallCap 600 and MidCap 400 indices, effective before the market opens on April 1.
Sunrun (RUN), a leading provider of residential solar energy services, will replace PGT Innovations (NYSE: PGTI) in the S&P SmallCap 600. This transition coincides with MITER Brands’ acquisition of PGT Innovations, a transaction expected to finalize around March 28.
Simultaneously, Roivant Sciences (NASDAQ: ROIV) will fill the void left by Sunrun in the S&P MidCap 400.
Sunrun stock has plummeted over 40% in the past year, continuing a downward trend that initiated after reaching an all-time high of over $95 per share in early 2021.
Earlier this month, RBC Capital Markets revised its price target for Sunrun (RUN) to $15.00 from the previous $17.00 while maintaining an Outperform rating for the company’s stock. This adjustment reflects the industry’s challenges stemming from the impact of rising interest rates, which have affected the valuation of subscriber-based companies like Sunrun.
Sunrun (NASDAQ: RUN) Stock Reaction
RUN stock dropped 3.80% to $12.70 in the early trading hours on Monday. The traders had exchanged hands with 4,205,196 (4.20 million) shares compared to the average daily trading volume of 15.04 million.
Salman Akhtar is a finance, stocks, and technology journalist with years of experience across various news organizations. He has contributed his expertise to outlets such as 24NewsHD, TrimFeed, The Voice Pakistan, and TheTechBasic. Salman is passionate about making complex topics accessible to a broad audience. His dedication to delivering accurate and timely information has established him as a trusted voice in the industry. Read Full Bio
