Vetr Inc. Lowers SolarCity Corp. (SCTY) to Hold
SolarCity Corp. (NASDAQ:SCTY) was downgraded by investment analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday. They currently have a $20.26 price target on the renewable energy company’s stock. Vetr‘s target price points to a potential upside of 8.46% from the company’s previous close.
Other equities analysts have also recently issued reports about the stock. Avondale Partners cut shares of SolarCity Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 3rd. Goldman Sachs Group Inc. reissued a “neutral” rating and set a $23.00 price target on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. Barclays PLC reissued a “sell” rating on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $25.00 price objective on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. Finally, Raymond James Financial Inc. reaffirmed a “hold” rating and issued a $50.00 price objective on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $30.12.
SolarCity Corp. (NASDAQ:SCTY) traded down 4.25% during trading on Monday, hitting $18.68. 2,525,974 shares of the stock were exchanged. The stock has a 50 day moving average price of $19.53 and a 200-day moving average price of $23.36. The firm’s market capitalization is $1.87 billion. SolarCity Corp. has a 12-month low of $16.20 and a 12-month high of $58.87.
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SolarCity Corp. (NASDAQ:SCTY) last announced its quarterly earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.44) by $0.12. The company had revenue of $185.80 million for the quarter, compared to analysts’ expectations of $141.57 million. SolarCity Corp. had a negative net margin of 17.65% and a negative return on equity of 64.78%. The business’s quarterly revenue was up 80.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.23) earnings per share. On average, equities research analysts anticipate that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In other SolarCity Corp. news, EVP Seth R. Weissman sold 4,420 shares of the business’s 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 completion of the sale, the executive vice president now owns 66,570 shares of the company’s stock, valued at approximately $1,590,357.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Tanguy Serra sold 2,724 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $23.72, for a total transaction of $64,613.28. Following the completion of the sale, the chief financial officer now directly owns 27,437 shares of the company’s stock, valued at approximately $650,805.64. The disclosure for this sale can be found here. 36.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of SCTY. Commonwealth Equity Services Inc increased its stake in SolarCity Corp. by 15.5% in the first quarter. Commonwealth Equity Services Inc now owns 10,710 shares of the renewable energy company’s stock worth $263,000 after buying an additional 1,438 shares in the last quarter. Teachers Advisors Inc. increased its stake in SolarCity Corp. by 15.4% in the first quarter. Teachers Advisors Inc. now owns 50,535 shares of the renewable energy company’s stock worth $1,242,000 after buying an additional 6,728 shares in the last quarter. BlackRock Inc. increased its stake in SolarCity Corp. by 239.8% in the first quarter. BlackRock Inc. now owns 7,597 shares of the renewable energy company’s stock worth $186,000 after buying an additional 5,361 shares in the last quarter. BlackRock Group LTD increased its stake in SolarCity Corp. by 15.2% in the first quarter. BlackRock Group LTD now owns 173,878 shares of the renewable energy company’s stock worth $4,274,000 after buying an additional 22,997 shares in the last quarter. Finally, Bristlecone Advisors LLC acquired a new stake in SolarCity Corp. during the first quarter worth about $676,000. 42.87% of the stock is owned by hedge funds and other institutional investors.
About SolarCity Corp.
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.
To view Vetr’s full report, visit Vetr’s official website.
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