SolarCity Corp Downgraded to Neutral at Robert W. Baird (SCTY)
SolarCity Corp (NASDAQ:SCTY) was downgraded by equities researchers at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $83.00 target price on the stock. Robert W. Baird’s target price points to a potential upside of 15.20% from the stock’s previous close. The analysts noted that the move was a valuation call.
SolarCity Corp (NASDAQ:SCTY) traded down 2.26% during mid-day trading on Tuesday, hitting $70.42. 1,939,671 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 $69.92 and its 200-day moving average is $64.74. The company’s market cap is $6.527 billion.
SolarCity Corp (NASDAQ:SCTY) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.52) EPS for the quarter, beating the analysts’ 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 last year, the company posted ($0.31) earnings per share. SolarCity Corp’s revenue was up 61.7% compared to the same quarter last year. On average, analysts predict that SolarCity Corp will post $-3.99 earnings per share for the current fiscal year.
In other SolarCity Corp news, CTO Peter J. Rive sold 125,000 shares of the company’s stock on the open market 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 sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of other firms have also recently commented on SCTY. 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. Separately, 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. Finally, 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, August 8th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $87.30.
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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