Credit Suisse Reiterates Outperform Rating for SolarCity Corp (SCTY)
SolarCity Corp (NASDAQ:SCTY)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Credit Suisse in a research note issued to investors on Friday. They currently have a $97.00 price objective on the stock, up from their previous price objective of $93.00. Credit Suisse’s target price suggests a potential upside of 28.26% from the company’s current price.
SCTY has been the subject of a number of other recent research reports. Analysts at Goldman Sachs raised their price target on shares of SolarCity Corp to $96.00 in a research note on Friday. 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 equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $84.33.
In other SolarCity Corp news, EVP John M. Stanton sold 1,500 shares of SolarCity Corp stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $70.59, for a total transaction of $105,885.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of SolarCity Corp (NASDAQ:SCTY) traded down 7.26% on Friday, hitting $70.14. 13,631,035 shares of the company’s stock traded hands. SolarCity Corp has a one year low of $28.31 and a one year high of $88.35. The stock’s 50-day moving average is $69.50 and its 200-day moving average is $64.88. The company’s market cap is $6.460 billion. SolarCity Corp also was the target of some unusual options trading on Wednesday. Stock investors acquired 19,068 call options on the company. This represents an increase of 110% compared to the average daily volume of 9,061 call options.
SolarCity Corp (NASDAQ:SCTY) last announced its earnings results on Thursday, August 7th. The company reported ($0.52) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.99) by $0.47. The company had revenue of $61.30 million for the quarter, compared to the consensus estimate of $63.24 million. During the same quarter in the prior year, the company posted ($0.31) earnings per share. The company’s quarterly revenue was up 61.7% on a year-over-year basis. On average, analysts predict that SolarCity Corp will post $-3.86 earnings per share for the current fiscal year.
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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