Insider Selling: Peter J. Rive Sells 135,000 Shares of SolarCity Corp Stock (SCTY)
SolarCity Corp (NASDAQ:SCTY) CTO Peter J. Rive sold 135,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $74.00, for a total value of $9,990,000.00. Following the completion of the transaction, the chief technology officer now directly owns 255,200 shares of the company’s stock, valued at approximately $18,884,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
SCTY has been the subject of a number of recent research reports. Analysts at Credit Suisse reiterated an “outperform” rating on shares of SolarCity Corp in a research note on Friday, July 25th. They now have a $93.00 price target on the stock, up previously from $75.00. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of SolarCity Corp from $72.00 to $77.00 in a research note on Tuesday, July 15th. They now have an “overweight” rating on the stock. Finally, analysts at Canaccord Genuity initiated coverage on shares of SolarCity Corp in a research note on Wednesday, July 2nd. They set a “buy” rating and a $94.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $83.44.
Shares of SolarCity Corp (NASDAQ:SCTY) traded down 3.72% on Thursday, hitting $71.53. The stock had a trading volume of 3,302,137 shares. SolarCity Corp has a one year low of $28.31 and a one year high of $88.35. The stock has a 50-day moving average of $67.50 and a 200-day moving average of $64.80. The company’s market cap is $6.588 billion. SolarCity Corp also was the target of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 10,988,571 shares, a drop of 23.1% from the June 30th total of 14,282,284 shares. Based on an average daily trading volume, of 4,281,529 shares, the days-to-cover ratio is presently 2.6 days. Currently, 22.9% of the company’s stock are short sold.
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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