Sunrun Stock Has Surged 61% in a Year — So Why Did One Investor Sell 300,000 Shares?

Core Viewpoint - Canyon Capital Advisors has reduced its stake in Sunrun, indicating potential fragility in the company's recovery despite its recent performance gains [1][2][9] Company Overview - Sunrun is a leading provider of residential solar and battery storage solutions in the U.S., focusing on system sales, installations, and maintenance services [5] - The company reported a revenue of $2.3 billion and a net income of -$2.5 billion for the trailing twelve months (TTM) [4] - As of the latest market close, Sunrun's market capitalization stands at $4.3 billion, with shares priced at $18.55, reflecting a 61% increase over the past year [4][3] Financial Performance - In the third quarter, Sunrun achieved a revenue growth of 35%, totaling $724.6 million [7] - The company raised $1.4 billion in new non-recourse debt financings and reported over 106,000 customers enrolled in distributed power plant programs, marking a 300% year-over-year increase [8] Investment Context - Despite the stock's significant rebound, it remains discounted compared to its 2021 peak, leading investors to consider the company's improving fundamentals against ongoing volatility in solar financing and policy [6] - Canyon's reduction in stake is viewed as a portfolio rotation rather than a reversal of investment thesis, suggesting that Sunrun's fundamentals are still on an upward trajectory [9]