Insider Selling: SolarCity Corp CTO Sells 125,000 Shares of Stock (SCTY)
SolarCity Corp (NASDAQ:SCTY) CTO Peter J. Rive unloaded 125,000 shares of the company’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $75.43, for a total value of $9,428,750.00. Following the completion of the transaction, the chief technology officer now directly owns 213,403 shares in the company, valued at approximately $16,096,988. The transaction was disclosed in a filing with the SEC, which is available at this link.
A number of research firms have recently commented on SCTY. Analysts at Roth Capital raised their price target on shares of SolarCity Corp from $80.00 to $98.00 in a research note on Friday. Separately, analysts at Canaccord Genuity raised their price target on shares of SolarCity Corp from $94.00 to $95.00 in a research note on Friday. Finally, analysts at Robert W. Baird raised their price target on shares of SolarCity Corp from $80.00 to $83.00 in a research note on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. SolarCity Corp currently has a consensus rating of “Buy” and an average price target of $86.78.
SolarCity Corp (NASDAQ:SCTY) traded down 7.26% during mid-day trading on Friday, hitting $70.14. 13,649,882 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 unusually large options trading on Wednesday. Traders bought 19,068 call options on the company. This represents an increase of approximately 110% compared to the typical daily volume of 9,061 call options.
SolarCity Corp (NASDAQ:SCTY) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted ($0.31) earnings per share. The company’s revenue for the quarter was up 61.7% on a year-over-year basis. Analysts expect that SolarCity Corp will post $-3.86 EPS 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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