Sunrun, Hannon Armstrong plunge after Muddy Waters criticism
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Sunrun (NASDAQ:RUN) and Hannon Armstrong (NYSE:HASI) trade sharply lower Wednesday, -8.1% and -7% respectively, after Muddy Waters chief Carson Block ripped the two renewables companies in the Financial Times.
Muddy Waters sees Sunrun (RUN) as "an uneconomic business built on three shaky pillars: the equity story of exaggerated 'Subscriber Values' and 'Gross/Net Earning Assets,' funding growth through abusing tax incentives, and issuing ABS that could be exposed to a RUN bankruptcy."
The short seller has said Hannon Armstrong's (HASI) accounting is "so complex and misleading that its financial statements are effectively meaningless," and the company is "a prime example of how public market incentives can warp a company into relentlessly destroying value to feed a Wall Street growth narrative."
Other solar shares also are falling sharply, including (ENPH) -11.2%, (SPWR) -6.1%, (FSLR) -5.8%, (SEDG) -5.8%, (ARRY) -5.2%, (CSIQ) -4%.