SolarCity Corp. Downgraded by Robert W. Baird to “Neutral” (SCTY)
SolarCity Corp. (NASDAQ:SCTY) was downgraded by equities research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $81.00 target price on the stock. Robert W. Baird’s target price indicates a potential upside of 9.44% from the stock’s previous close. The analysts noted that the move was a valuation call.
In other SolarCity Corp. news, EVP Seth Weissman sold 7,000 shares of SolarCity Corp. stock in a transaction that occurred on Thursday, February 6th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. downgraded shares of SolarCity Corp. from an “overweight” rating to a “neutral” rating in a research note 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 on Thursday, January 16th. They set a “buy” rating and a $90.00 price target on the stock. Finally, analysts at Goldman Sachs upgraded shares of SolarCity Corp. from a “neutral” rating to a “conviction-buy” rating in a research note on Monday, January 6th. They now have a $80.00 price target on the stock, up previously from $65.00. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $75.57.
Shares of SolarCity Corp. (NASDAQ:SCTY) traded down 7.43% during mid-day trading on Wednesday, hitting $74.01. The stock had a trading volume of 6,278,811 shares. SolarCity Corp. has a one year low of $15.88 and a one year high of $79.99. The stock’s 50-day moving average is $69.93 and its 200-day moving average is $51.15. The company’s market cap is $6.152 billion. SolarCity Corp. also saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 9,343,200 shares, a growth of 16.0% from the January 15th total of 8,053,953 shares. Based on an average daily volume of 4,552,458 shares, the days-to-cover ratio is currently 2.1 days. Approximately 28.1% of the shares of the company are sold short.
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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