I think that's a reasonable theory. It might explain why, after running, he then circles back towards the street he was on before. He could be heading back towards something that he doesn't want to be seen approaching -- a vehicle, or his satchel. (I'm not on top of when his satchel is visible.)
I found the Grant Hughes video very helpful to get a better idea of the POI's movements during a short period; I don't know about the theories about interactions w/ a second person. The POI's running reminds me a bit of what I, a small woman, sometimes do when going on a walk in my neighborhood at night. If I see someone who spooks me, I walk sedately to the next corner, turn the corner, walk until I'm no longer visible to the person, and then run like hell to the next corner. Once I'm out of sight around that second corner, I can slow down again. Not only do I want to get away from the spooky person -- I don't want to be seen showing fear and thus looking like a victim.
So the POI sees the other person through the corner, turns and runs, with the goal of getting around the next corner before being seen, and possibly before being seen running (because that would be suspicious). Then he can relax. Why does he run a second time? Does he think he hasn't shaken the person?
The odd thing is that he appears to be circling back rather than going further away. That's where @m00c0w's theory comes in. I assume the POI from out of town rather than the neighborhood. That said, his circling somewhat resembles what people do during car chases here in LA. They tend to return to an area that is familiar to them, often where they live. I agree that the POI may have some sort of "anchor" in the area that he keeps returning to.
JMO
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