SolarCity Corp. Downgraded by JPMorgan Chase & Co. to Neutral (SCTY)
SolarCity Corp. (NASDAQ:SCTY) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $68.00 target price on the stock. JPMorgan Chase & Co.’s price target points to a potential downside of 9.50% from the company’s current price. The analysts noted that the move was a valuation call.
In other SolarCity Corp. news, EVP Seth Weissman sold 7,000 shares of the stock on the open market in a transaction dated Friday, January 10th. The shares were sold at an average price of $66.58, for a total transaction of $466,060.00. Following the completion of the transaction, the executive vice president now directly owns 158,777 shares of the company’s stock, valued at approximately $10,571,373. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
SolarCity Corp. (NASDAQ:SCTY) traded up 0.04% on Tuesday, hitting $75.14. The stock had a trading volume of 4,324,456 shares. SolarCity Corp. has a one year low of $14.15 and a one year high of $79.86. The stock has a 50-day moving average of $58.26 and a 200-day moving average of $46.39. The company’s market cap is $6.246 billion.
SolarCity Corp. (NASDAQ:SCTY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.43) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.47) by $0.04. The company had revenue of $48.60 million for the quarter, compared to the consensus estimate of $41.40 million. The company’s quarterly revenue was up 52.0% on a year-over-year basis. Analysts expect that SolarCity Corp. will post $-1.78 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank initiated coverage on shares of SolarCity Corp. in a research note to investors on Thursday, January 16th. They set a “buy” rating and a $90.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of SolarCity Corp. from $71.00 to $81.00 in a research note to investors on Thursday, January 9th. They now have an “outperform” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. upgraded shares of SolarCity Corp. from a “neutral” rating to a “conviction-buy” rating in a research note to investors on Monday, January 6th. They now have a $80.00 price target on the stock, up previously from $65.00. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. SolarCity Corp. has an average rating of “Buy” and an average target price of $75.57.
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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