Shares of SolarCity Corp. (NASDAQ:SCTY) dropped 2.4% on Friday . The stock traded as low as $23.74 and last traded at $23.94, with a volume of 3,631,254 shares changing hands. The stock had previously closed at $24.54.

SCTY has been the subject of several research reports. Vetr raised SolarCity Corp. from a “hold” rating to a “buy” rating and set a $26.85 target price for the company in a report on Monday, March 14th. Axiom Securities reissued a “sell” rating on shares of SolarCity Corp. in a report on Tuesday, March 29th. Deutsche Bank AG reissued a “buy” rating and issued a $49.00 target price on shares of SolarCity Corp. in a report on Thursday, March 31st. Raymond James Financial Inc. raised SolarCity Corp. from an “outperform” rating to a “strong-buy” rating and set a $26.35 target price for the company in a report on Friday, April 1st. Finally, Stifel Nicolaus reduced their target price on SolarCity Corp. from $65.00 to $56.00 and set a “buy” rating for the company in a report on Monday, April 4th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $32.55.

The company’s market capitalization is $2.34 billion. The company’s 50-day moving average price is $22.53 and its 200 day moving average price is $27.92.

SolarCity Corp. (NASDAQ:SCTY) last released its earnings results on Monday, May 9th. The renewable energy company reported ($2.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by $0.22. The company had revenue of $122.57 million for the quarter, compared to analyst estimates of $108.44 million. During the same period in the prior year, the business posted ($1.52) earnings per share. The company’s quarterly revenue was up 81.6% compared to the same quarter last year. On average, equities research analysts forecast that SolarCity Corp. will post ($10.14) EPS for the current fiscal year.

In related news, CRO Hayden Barnard sold 3,428 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $20.35, for a total value of $69,759.80. Following the completion of the transaction, the executive now owns 137,374 shares of the company’s stock, valued at $2,795,560.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Tanguy Serra sold 2,617 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $20.51, for a total transaction of $53,674.67. Following the completion of the transaction, the chief financial officer now directly owns 23,088 shares of the company’s stock, valued at approximately $473,534.88. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH increased its position in SolarCity Corp. by 13.7% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 20,497 shares of the renewable energy company’s stock worth $1,046,000 after buying an additional 2,467 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in shares of SolarCity Corp. by 2.6% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 42,590 shares of the renewable energy company’s stock worth $2,173,000 after buying an additional 1,078 shares during the period. Rhumbline Advisers increased its position in shares of SolarCity Corp. by 2.7% in the fourth quarter. Rhumbline Advisers now owns 53,035 shares of the renewable energy company’s stock worth $2,706,000 after buying an additional 1,380 shares during the period. State Board of Administration of Florida Retirement System increased its position in shares of SolarCity Corp. by 2.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 69,856 shares of the renewable energy company’s stock worth $3,564,000 after buying an additional 1,968 shares during the period. Finally, Swiss National Bank increased its position in shares of SolarCity Corp. by 0.6% in the fourth quarter. Swiss National Bank now owns 79,000 shares of the renewable energy company’s stock worth $4,031,000 after buying an additional 500 shares during the period.

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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