SolarCity Corp Earns “Sell” Rating from S&P Equity Research (SCTY)
SolarCity Corp (NASDAQ:SCTY)‘s stock had its “sell” rating restated by stock analysts at S&P Equity Research in a report issued on Tuesday. They currently have a $39.46 price target on the stock, down from their previous price target of $47.65. S&P Equity Research’s target price suggests a potential downside of 45.23% from the company’s current price.
Shares of SolarCity Corp (NASDAQ:SCTY) traded down 2.36% on Tuesday, hitting $70.35. 2,020,867 shares of the company’s stock traded hands. SolarCity Corp has a 1-year low of $28.31 and a 1-year high of $88.35. The stock has a 50-day moving average of $69.92 and a 200-day moving average of $64.74. The company’s market cap is $6.521 billion.
SolarCity Corp (NASDAQ:SCTY) last released its earnings data 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. Analysts expect that SolarCity Corp will post $-3.99 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. 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. Separately, 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. Finally, 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, August 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. SolarCity Corp has an average rating of “Hold” and an average target price of $82.95.
In other SolarCity Corp news, CTO Peter J. Rive sold 125,000 shares of SolarCity Corp stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $75.43, for a total transaction of $9,428,750.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
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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