SunPower's woes spell good news for these solar names

The most recent trading session ended with Sunrun standing at $17.27, reflecting a +1.95% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily loss of 0.16%. Meanwhile, the Dow lost 0.14%, and the Nasdaq, a tech-heavy index, lost 0.06%.

Prior to today's trading, shares of the solar energy products distributor had gained 24.74% over the past month. This has outpaced the Oils-Energy sector's loss of 7.84% and the S&P 500's gain of 1.96% in that time.

The upcoming earnings release of Sunrun will be of great interest to investors. The company's earnings report is expected on August 6, 2024. The company's earnings per share (EPS) are projected to be -$0.33, reflecting a 232% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $520.06 million, indicating a 11.88% decrease compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$1.25 per share and a revenue of $2.19 billion, signifying shifts of +82.49% and -2.91%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Sunrun. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.93% increase. Currently, Sunrun is carrying a Zacks Rank of #1 (Strong Buy).

The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 216, finds itself in the bottom 15% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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