SolarCity Corp. Given Consensus Rating of “Buy” by Brokerages (NASDAQ:SCTY)
SolarCity Corp. (NASDAQ:SCTY) has received an average rating of “Buy” from the ten brokerages that are presently covering the stock, AnalystRatingsNetwork.com reports. Five analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $75.57.
SolarCity Corp. (NASDAQ:SCTY) traded up 1.50% during mid-day trading on Thursday, hitting $75.12. 1,098,756 shares of the company’s stock traded hands. SolarCity Corp. has a 52 week low of $15.88 and a 52 week high of $79.99. The stock’s 50-day moving average is $70.45 and its 200-day moving average is $51.31. The company’s market cap is $6.245 billion. SolarCity Corp. also was the target of a significant growth in short interest during 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 presently 2.1 days. Currently, 28.1% of the shares of the company are short sold.
A number of analysts have recently weighed in on SCTY shares. Analysts at Robert W. Baird downgraded shares of SolarCity Corp. from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $81.00 price target on the stock. They noted that the move was a valuation call. Separately, 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. Finally, 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.
In other SolarCity Corp. news, EVP Seth Weissman unloaded 7,000 shares of the company’s stock on the open market in a transaction dated Thursday, February 6th. The stock was sold at an average price of $70.09, for a total value of $490,630.00. Following the completion of the transaction, 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.
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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