SolarCity Corp. (SCTY) Trading Down 2.6%
SolarCity Corp. (NASDAQ:SCTY) dropped 2.6% during mid-day trading on Monday . The stock traded as low as $22.82 and last traded at $22.90, with a volume of 968,359 shares. The stock had previously closed at $23.50.
SCTY has been the subject of several research analyst reports. Vetr raised SolarCity Corp. from a “buy” rating to a “strong-buy” rating and set a $37.31 price objective for the company in a research note on Monday, April 25th. Oppenheimer Holdings Inc. reissued a “buy” rating and issued a $54.00 price objective on shares of SolarCity Corp. in a research note on Monday, May 2nd. Guggenheim initiated coverage on SolarCity Corp. in a research note on Tuesday, May 3rd. They issued a “buy” rating and a $38.00 price objective for the company. Zacks Investment Research downgraded SolarCity Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $29.00 price objective on shares of SolarCity Corp. in a research note on Wednesday, May 4th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $30.42.
The firm’s market cap is $2.31 billion. The stock’s 50 day moving average price is $24.94 and its 200-day moving average price is $24.29.
SolarCity Corp. (NASDAQ:SCTY) last posted its 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 analyst estimates of $141.57 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The firm’s revenue was up 80.7% on a year-over-year basis. On average, equities research analysts forecast that SolarCity Corp. will post ($9.79) earnings per share for the current fiscal year.
In other news, EVP Seth R. Weissman sold 4,420 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $23.89, for a total value of $105,593.80. Following the sale, the executive vice president now directly owns 66,570 shares in the company, valued at $1,590,357.30. The sale was disclosed in a filing with the SEC, 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 value of $64,613.28. Following the completion of the sale, the chief financial officer now owns 27,437 shares in the company, valued at $650,805.64. The disclosure for this sale can be found here.
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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