SolarCity Corp. (SCTY) Upgraded by Vetr Inc. to Buy
SolarCity Corp. (NASDAQ:SCTY) was upgraded by equities research analysts at Vetr from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $20.26 price target on the renewable energy company’s stock. Vetr‘s price objective points to a potential upside of 3.42% from the company’s current price.
A number of other equities research analysts have also weighed in on the company. Axiom Securities reaffirmed a “hold” rating on shares of SolarCity Corp. in a report on Thursday. Robert W. Baird reaffirmed a “neutral” rating and issued a $25.00 price objective on shares of SolarCity Corp. in a report on Monday, September 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of SolarCity Corp. in a report on Tuesday, September 13th. JPMorgan Chase & Co. set a $21.00 price objective on SolarCity Corp. and gave the company a “hold” rating in a report on Monday, September 12th. Finally, Cowen and Company began coverage on SolarCity Corp. in a report on Thursday, August 25th. They issued a “market perform” rating and a $50.00 price objective on the stock. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $30.12.
SolarCity Corp. (NASDAQ:SCTY) traded up 4.87% on Monday, hitting $19.59. The stock had a trading volume of 2,654,641 shares. The company’s market cap is $1.96 billion. SolarCity Corp. has a 52-week low of $16.20 and a 52-week high of $58.87. The firm’s 50-day moving average is $19.41 and its 200-day moving average is $23.34.
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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, topping the Zacks’ consensus estimate of ($2.44) by $0.12. SolarCity Corp. had a negative return on equity of 64.78% and a negative net margin of 17.65%. The firm had revenue of $185.80 million for the quarter, compared to analyst estimates of $141.57 million. During the same quarter last year, the company posted ($0.23) earnings per share. The business’s revenue was up 80.7% on a year-over-year basis. Equities research analysts anticipate that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In other SolarCity Corp. news, CFO Tanguy Serra sold 2,724 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $23.72, for a total value of $64,613.28. Following the transaction, the chief financial officer now directly owns 27,437 shares of the company’s stock, valued at $650,805.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Seth R. Weissman sold 4,420 shares of the firm’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 transaction, the executive vice president now directly owns 66,570 shares in the company, valued at $1,590,357.30. The disclosure for this sale can be found here. 36.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its position in SolarCity Corp. by 4.0% in the second quarter. Legal & General Group Plc now owns 4,480 shares of the renewable energy company’s stock valued at $107,000 after buying an additional 174 shares during the period. Public Employees Retirement Association of Colorado raised its position in SolarCity Corp. by 1.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 15,126 shares of the renewable energy company’s stock valued at $362,000 after buying an additional 201 shares during the period. Northwestern Mutual Investment Management Company LLC raised its position in SolarCity Corp. by 1.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 15,227 shares of the renewable energy company’s stock valued at $364,000 after buying an additional 227 shares during the period. Metropolitan Life Insurance Co. NY raised its position in SolarCity Corp. by 2.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,745 shares of the renewable energy company’s stock valued at $412,000 after buying an additional 445 shares during the period. Finally, Shinko Asset Management Co. Ltd. raised its position in SolarCity Corp. by 7.0% in the second quarter. Shinko Asset Management Co. Ltd. now owns 15,488 shares of the renewable energy company’s stock valued at $371,000 after buying an additional 1,007 shares during the period. 42.87% of the stock is currently owned by institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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