SolarCity Corp. (SCTY) Sees Large Increase in Short Interest
SolarCity Corp. (NASDAQ:SCTY) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 24,893,708 shares, an increase of 14.9% from the September 15th total of 21,671,983 shares. Currently, 37.9% of the company’s stock are short sold. Based on an average daily trading volume, of 3,723,976 shares, the days-to-cover ratio is currently 6.7 days.
In other news, CFO Tanguy Serra sold 2,724 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $23.72, for a total transaction of $64,613.28. Following the sale, the chief financial officer now owns 27,437 shares in the company, valued at $650,805.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Seth R. Weissman sold 4,420 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $23.89, for a total transaction of $105,593.80. Following the sale, the executive vice president now owns 66,570 shares in the company, valued at approximately $1,590,357.30. The disclosure for this sale can be found here. Insiders own 36.40% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its stake 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 during the period. KBC Group NV acquired a new stake in SolarCity Corp. during the second quarter valued at approximately $122,000. Cubist Systematic Strategies LLC increased its stake 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 during the period. Seven Eight Capital LLC increased its stake 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 during the period. Finally, Advisor Group Inc. acquired a new stake in SolarCity Corp. during the second quarter valued at approximately $163,000. 42.87% of the stock is currently owned by institutional investors and hedge funds.
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Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 19.99 on Thursday. The firm has a 50-day moving average of $19.22 and a 200-day moving average of $23.28. The company’s market capitalization is $2.00 billion. SolarCity Corp. has a one year low of $16.20 and a one year high of $58.87.
SolarCity Corp. (NASDAQ:SCTY) last issued its quarterly earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($2.44) by $0.12. SolarCity Corp. had a negative net margin of 17.65% and a negative return on equity of 64.78%. The business had revenue of $185.80 million for the quarter, compared to analyst estimates of $141.57 million. During the same quarter in the prior year, the business posted ($0.23) EPS. SolarCity Corp.’s revenue for the quarter was up 80.7% compared to the same quarter last year. Analysts forecast that SolarCity Corp. will post ($9.92) earnings per share for the current year.
A number of equities research analysts have recently commented on SCTY shares. Axiom Securities reiterated a “sell” rating and set a $7.00 price target on shares of SolarCity Corp. in a report on Friday, September 9th. Vetr cut shares of SolarCity Corp. from a “buy” rating to a “hold” rating and set a $20.26 price target on the stock. in a report on Monday, October 3rd. Cowen and Company started coverage on shares of SolarCity Corp. in a report on Thursday, August 25th. They set a “market perform” rating and a $50.00 price target on the stock. Robert W. Baird reiterated a “neutral” rating and set a $25.00 price target on shares of SolarCity Corp. in a report on Tuesday, September 13th. Finally, Guggenheim reiterated a “buy” rating on shares of SolarCity Corp. in a report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $30.12.
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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