SolarCity Corp (SCTY) Releases Quarterly Earnings, Beats Expectations By $0.48 EPS
SolarCity Corp (NASDAQ:SCTY) announced its earnings results on Wednesday. The company reported ($0.26) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.74) by $0.48, Analyst Ratings Network reports. The company had revenue of $63.54 million for the quarter, compared to the consensus estimate of $53.39 million. During the same quarter last year, the company posted ($0.41) earnings per share. SolarCity Corp’s revenue was up 111.9% compared to the same quarter last year.
SolarCity Corp (NASDAQ:SCTY) traded down 9.05% during mid-day trading on Wednesday, hitting $47.71. 9,631,884 shares of the company’s stock traded hands. SolarCity Corp has a 1-year low of $23.55 and a 1-year high of $88.35. The stock’s 50-day moving average is $59.05 and its 200-day moving average is $62.51. The company’s market cap is $4.366 billion. SolarCity Corp also saw unusually large options trading activity on Tuesday. Investors purchased 30,405 call options on the stock. This represents an increase of 173% compared to the typical volume of 11,155 call options.
SCTY has been the subject of a number of recent research reports. Analysts at Robert W. Baird reiterated a “positive” rating on shares of SolarCity Corp in a research note on Friday, May 2nd. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of SolarCity Corp in a research note on Friday, April 4th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $76.17.
In other SolarCity Corp news, CEO Lyndon R. Rive sold 120,000 shares of SolarCity Corp stock on the open market in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $54.16, for a total value of $6,499,200.00. The transaction was disclosed in a document filed with the SEC, 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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