SolarCity Corp. (SCTY) Trading 6% Higher
SolarCity Corp. (NASDAQ:SCTY) shares traded up 6% during mid-day trading on Tuesday . The company traded as high as $18.73 and last traded at $18.27, with a volume of 3,677,725 shares changing hands. The stock had previously closed at $17.23.
A number of research analysts have issued reports on the company. Morgan Stanley cut SolarCity Corp. from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $34.00 to $24.00 in a research note on Thursday, June 23rd. Axiom Securities reissued a “sell” rating on shares of SolarCity Corp. in a research note on Tuesday, June 28th. Barclays PLC reissued a “sell” rating on shares of SolarCity Corp. in a research note on Wednesday, June 22nd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $25.00 price target on shares of SolarCity Corp. in a report on Wednesday, June 22nd. Finally, Roth Capital restated a “neutral” rating and issued a $19.00 price target on shares of SolarCity Corp. in a report on Tuesday, August 2nd. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $30.97.
The stock has a 50 day moving average price of $21.41 and a 200 day moving average price of $23.98. The company’s market cap is $1.83 billion.
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SolarCity Corp. (NASDAQ:SCTY) last released its quarterly earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.44) by $0.12. The business earned $185.80 million during the quarter, compared to the consensus estimate of $141.57 million. SolarCity Corp. had a negative return on equity of 64.78% and a negative net margin of 17.65%. The company’s quarterly revenue was up 80.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.23) EPS. On average, analysts forecast that SolarCity Corp. will post ($9.92) EPS for the current fiscal year.
In other SolarCity Corp. news, CFO Tanguy Serra sold 2,724 shares of SolarCity Corp. stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $23.72, for a total transaction of $64,613.28. Following the completion of the transaction, the chief financial officer now owns 27,437 shares in the company, valued at approximately $650,805.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Seth R. Weissman sold 4,420 shares of SolarCity Corp. stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $23.89, for a total value of $105,593.80. Following the transaction, the executive vice president now owns 66,570 shares of the company’s stock, valued at approximately $1,590,357.30. The disclosure for this sale can be found here. Company insiders own 36.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its position in SolarCity Corp. by 114.7% in the first quarter. Legal & General Group Plc now owns 4,306 shares of the renewable energy company’s stock valued at $106,000 after buying an additional 2,300 shares in the last quarter. KBC Group NV purchased a new position in SolarCity Corp. during the second quarter valued at approximately $122,000. Cubist Systematic Strategies LLC boosted its position in SolarCity Corp. by 62.7% in the second quarter. Cubist Systematic Strategies LLC now owns 5,208 shares of the renewable energy company’s stock valued at $125,000 after buying an additional 2,007 shares in the last quarter. Seven Eight Capital LLC boosted its position in SolarCity Corp. by 1,553.2% in the first quarter. Seven Eight Capital LLC now owns 6,431 shares of the renewable energy company’s stock valued at $158,000 after buying an additional 6,042 shares in the last quarter. Finally, Advisor Group Inc. purchased a new position in SolarCity Corp. during the second quarter valued at approximately $163,000. Institutional investors and hedge funds own 42.87% of the company’s stock.
SolarCity Corp. Company Profile
SolarCity Corporation sells renewable energy. The Company is engaged in the design, manufacture, 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. The Company operates through solar energy products and services segment.
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