SolarCity Corp Given New $96.00 Price Target at Goldman Sachs (SCTY)
Goldman Sachs lifted their target price on shares of SolarCity Corp (NASDAQ:SCTY) to $96.00 in a research note issued on Friday. Goldman Sachs’ target price suggests a potential upside of 26.93% from the company’s current price.
A number of other firms have also recently commented on SCTY. 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 six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $83.89.
In other SolarCity Corp news, EVP John M. Stanton sold 1,500 shares of SolarCity Corp stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $70.59, for a total value of $105,885.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
SolarCity Corp (NASDAQ:SCTY) traded up 0.29% during mid-day trading on Friday, hitting $75.85. 2,376,534 shares of the company’s stock traded hands. SolarCity Corp has a 52-week low of $28.31 and a 52-week 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 $6.986 billion. SolarCity Corp also saw some unusual options trading activity on Wednesday. Traders purchased 19,068 call options on the company. This represents an increase of approximately 110% compared to the typical 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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