Insider Buying: Lyndon Rive Purchases 107,434 Shares of SolarCity Corp. Stock (SCTY)
SolarCity Corp. (NASDAQ:SCTY) CEO Lyndon Rive bought 107,434 shares of SolarCity Corp. stock on the open market in a transaction that occurred on Monday, October 21st. The shares were purchased at an average price of $46.54 per share, with a total value of $4,999,978.36. Following the completion of the purchase, the chief executive officer now directly owns 779,257 shares in the company, valued at approximately $36,266,621. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link.
SolarCity Corp. (NASDAQ:SCTY) traded up 3.79% during mid-day trading on Tuesday, hitting $59.70. The stock had a trading volume of 7,984,076 shares. SolarCity Corp. has a 52-week low of $9.20 and a 52-week high of $52.77. The stock has a 50-day moving average of $36.24 and a 200-day moving average of $31.52. The company’s market cap is $4.673 billion. SolarCity Corp. also saw some unusual options trading activity on Monday. Investors acquired 31,521 call options on the stock. This represents an increase of 117% compared to the typical volume of 14,530 call options.
SolarCity Corp. (NASDAQ:SCTY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.43) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.38) by $0.05. The company had revenue of $46.60 million for the quarter, compared to the consensus estimate of $27.44 million. SolarCity Corp.’s revenue was down 18.7% compared to the same quarter last year. On average, analysts predict that SolarCity Corp. will post $-1.70 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Bank of America Corp. initiated coverage on shares of SolarCity Corp. in a research note to investors on Monday. They set a “buy” rating and a $59.46 price target on the stock. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of SolarCity Corp. in a research note to investors on Thursday, October 17th. They set an “overweight” rating and a $68.00 price target on the stock. Finally, analysts at Robert W. Baird initiated coverage on shares of SolarCity Corp. in a research note to investors on Tuesday, September 17th. They set a “neutral” rating and a $37.00 price target on the stock. They noted that the move was a valuation call. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $47.24.
SolarCity Corporation (NASDAQ:SCTY) is engaged in the design, installation and sale or lease of solar energy systems to residential and commercial customers, or sale of electricity generated by solar energy systems to customers.
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