Insider Selling: SolarCity Corp. EVP Sells 7,000 Shares of Stock (SCTY)
SolarCity Corp. (NASDAQ:SCTY) EVP Seth R. Weissman unloaded 7,000 shares of the stock on the open market in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $70.09, for a total transaction of $490,630.00. Following the completion of the sale, the executive vice president now directly owns 158,777 shares in the company, valued at approximately $11,128,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on SCTY. Analysts at JPMorgan Chase & Co. downgraded shares of SolarCity Corp. from an “overweight” rating to a “neutral” rating in a research note to investors on Tuesday, January 21st. They now have a $68.00 price target on the stock. They noted that the move was a valuation call. Separately, 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. Finally, 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. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $75.57.
Shares of SolarCity Corp. (NASDAQ:SCTY) traded up 3.68% during mid-day trading on Friday, hitting $71.31. 3,238,278 shares of the company’s stock traded hands. SolarCity Corp. has a 52-week low of $15.12 and a 52-week high of $79.86. The stock’s 50-day moving average is $66.7 and its 200-day moving average is $49.50. The company’s market cap is $5.928 billion. SolarCity Corp. also was the target of a large increase in short interest in January. As of January 15th, there was short interest totalling 8,053,953 shares, an increase of 19.9% from the December 31st total of 6,454,249 shares. Currently, 24.2% of the shares of the company are sold short. Based on an average daily volume of 5,231,268 shares, the short-interest ratio is presently 1.5 days.
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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