Noted brief vendor Carson Block is betting in opposition to shares of Sunrun , saying the residential photo voltaic firm is value 90% lower than its present market valuation. Block takes situation with the best way Sunrun accounts for tax credit, telling CNBC’s “Squawk Box” on Tuesday the corporate is “bamboozling” the Internal Revenue Service. The Muddy Waters founder introduced his brief place final Thursday in a report titled “Sunrun: ‘ESG’ is for Everybody Screws the Government.” That day, shares of Sunrun surged 30% on the heels of the shock announcement of a deal between Senator Chuck Schumer, D-N.Y., and Senator Joe Manchin , D-W.Va., on local weather funding . “We’re still short,” Block stated Tuesday. “We think the value for equity holders is probably 80% to 90% lower than what the company tells the Street” he stated. Block argued the corporate makes use of “highly aggressive modeling” to reach at its valuation, together with round the way it accounts for presidency tax credit. Sunrun CEO Mary Powell refuted Block’s claims. “Muddy Waters’ ‘report’ is flat-out wrong, a classic ‘short and distort’ tactic,” she stated in an announcement to CNBC. “It is an attempt to mislead with grossly false and inaccurate assertions in a brazenly self-serving effort to mitigate recent losses in their short position at the expense of Sunrun’s existing investors.” Powell added that the corporate’s tax and valuation procedures are “closely diligenced.” Across Wall Street, 19 corporations have a buy-equivalent ranking on shares of Sunrun. Five corporations are impartial, with no analyst recommending buyers promote the inventory. The common value goal is roughly $45 per share, or about 50% above its $30.21 Monday closing value. “Bottom line is, we think the stock should be a lot lower than where it is. We thought it should be a lot lower when it was at $22, $23, so certainly around $30, yes, it should be a lot lower,” he stated. Shares of Sunrun slid 2.5% throughout premarket buying and selling Tuesday. Block’s newest brief comes only a few weeks after he took intention in opposition to Hannon Armstrong , which funds clear vitality tasks. “Climate change is real. Climate change is manmade. I want something to be done about it, but it’s actually pretty disheartening when you get into these companies,” he stated. Earlier this yr, the Justice Department launched an investigation into brief sellers , together with Block.