Why Sunrun's Stock Dropped 16.2% in March
With the S&P 500 rising 3.5% in March, many stocks found themselves in the sun. Sunrun (NASDAQ: RUN), however, was cloaked in clouds. According to data provided by S&P Global Market Intelligence, shares of Sunrun fell 16.2% in March.
The overall bullish sentiment pervading the markets didn't extend to the residential-solar specialist, which came under investors' scrutiny for several reasons. There were concerns about the company's financial well-being, insider selling, and analyst commentary on the stock.
Arguably, the most pressing concern for investors last month was how Sunrun would fare after regulators closed SVB Financial's Silicon Valley Bank (SVB) on March 10. According to Thefly.com, Sunrun informed investors on that day that the company had "less than $80 million in cash deposits at SVB." Based on its fourth-quarter 2022 financial report wherein the company reported cash of $741 million, the deposits at SVB presumably represented more than 10% of its cash on hand.
Source Fool.com
