SolarCity Corp. (SCTY) Sees Large Volume Increase
SolarCity Corp. (NASDAQ:SCTY) saw strong trading volume on Thursday . 4,693,648 shares traded hands during trading, an increase of 123% from the previous session’s volume of 2,101,947 shares.The stock last traded at $19.07 and had previously closed at $20.66.
Several analysts have recently commented on the company. Guggenheim lowered SolarCity Corp. from a “buy” rating to a “neutral” rating in a report on Monday, August 1st. Robert W. Baird reiterated an “outperform” rating and set a $37.00 price objective on shares of SolarCity Corp. in a report on Wednesday, July 20th. Raymond James Financial Inc. lowered SolarCity Corp. from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, August 2nd. Roth Capital reiterated a “neutral” rating and set a $19.00 price objective on shares of SolarCity Corp. in a report on Tuesday, August 2nd. Finally, Avondale Partners lowered SolarCity Corp. from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. SolarCity Corp. has a consensus rating of “Hold” and a consensus price target of $31.17.
The company’s market cap is $1.85 billion. The firm’s 50-day moving average price is $24.11 and its 200 day moving average price is $24.00.
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, beating analysts’ consensus estimates of ($2.44) by $0.12. During the same period last year, the firm earned ($0.23) earnings per share. The company earned $185.80 million during the quarter, compared to analysts’ expectations of $141.57 million. SolarCity Corp.’s revenue was up 80.7% on a year-over-year basis. On average, equities research analysts anticipate that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In related news, EVP Seth R. Weissman sold 4,420 shares of the business’s stock in a transaction on 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 directly owns 66,570 shares of the company’s stock, valued at $1,590,357.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Tanguy Serra sold 2,724 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 27,437 shares of the company’s stock, 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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