SolarCity Corp CEO Sells $7,245,000 in Stock (SCTY)
SolarCity Corp (NASDAQ:SCTY) CEO Lyndon R. Rive sold 100,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $72.45, for a total transaction of $7,245,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of SolarCity Corp (NASDAQ:SCTY) traded down 1.75% during mid-day trading on Tuesday, hitting $70.79. The stock had a trading volume of 3,107,515 shares. SolarCity Corp has a 1-year low of $28.31 and a 1-year high of $88.35. The stock’s 50-day moving average is $69.92 and its 200-day moving average is $64.71. The company’s market cap is $6.562 billion.
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 $-3.99 earnings per share for the current fiscal year.
SCTY has been the subject of a number of recent research reports. Analysts at S&P Equity Research reiterated a “sell” rating on shares of SolarCity Corp in a research note on Tuesday. They now have a $39.46 price target on the stock, down previously from $47.65. Separately, analysts at Robert W. Baird downgraded shares of SolarCity Corp from an “outperform” rating to a “neutral” rating in a research note on Tuesday. They now have a $83.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Morgan Stanley initiated coverage on shares of SolarCity Corp in a research note on Thursday, August 14th. They set an “equal weight” rating and a $92.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $82.95.
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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