Sunrun Inc. ( RUN ) shares surged more than 30% Thursday after the company reported second-quarter financial results.

What To Know: The company posted earnings of $1.07 per share, beating estimates of a loss of 18 cents per share. Revenue reached $569.33 million, exceeding the expected $548.4 million and rising from $523.86 million in the same quarter last year.

Operationally, Sunrun ( RUN ) added 28,823 new subscribers in the second quarter, representing a 15% increase year-over-year. Total subscribers reached 941,701 by the end of June, reflecting 14% annual growth. Solar capacity installed rose to 227 megawatts, up 18% from the prior year, while storage capacity installed jumped 48% to 392 megawatt hours. Subscriber value and contracted subscriber value also increased significantly, up 22% and 19% respectively.

CEO Mary Powell highlighted that Sunrun ( RUN ) achieved a new record for Contracted Net Value Creation, with a 70% storage attachment rate, the highest in company history. She attributed the performance to disciplined growth, cost improvements, and increasing generation capabilities.

Following Sunrun's ( RUN ) strong second-quarter results, analysts have begun to raise their price targets on the stock. Susquehanna analyst Biju Perincheril maintained a Positive rating on Sunrun ( RUN ) and increased the price target from $12 to $13. Similarly, Oppenheimer analyst Colin Rusch reiterated an Outperform rating and lifted the price target from $20 to $21.

RUN Price Action: Sunrun ( RUN ) shares were up 30.3% at $11.82 at the time of writing, according to Benzinga Pro.

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