SolarCity Corp. (SCTY) Short Interest Down 6.3% in August
SolarCity Corp. (NASDAQ:SCTY) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 18,662,686 shares, a drop of 6.3% from the August 15th total of 19,915,394 shares. Approximately 28.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,764,088 shares, the short-interest ratio is currently 10.6 days.
Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 18.71 on Friday. SolarCity Corp. has a one year low of $16.20 and a one year high of $58.87. The stock’s 50 day moving average price is $20.89 and its 200-day moving average price is $23.87. The company’s market cap is $1.88 billion.
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 the Thomson Reuters’ 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 analysts’ expectations of $141.57 million. During the same quarter last year, the firm earned ($0.23) EPS. The firm’s revenue for the quarter was up 80.7% compared to the same quarter last year. On average, analysts expect that SolarCity Corp. will post ($9.92) EPS for the current year.
In other news, EVP Seth R. Weissman sold 4,420 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $23.89, for a total value of $105,593.80. Following the transaction, the executive vice president now directly owns 66,570 shares in the company, valued at approximately $1,590,357.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Tanguy Serra sold 2,724 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $23.72, for a total value of $64,613.28. Following the completion of the transaction, 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. 36.40% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of SolarCity Corp. during the fourth quarter valued at $12,854,000. BlackRock Inc. raised its stake in SolarCity Corp. by 239.8% in the first quarter. BlackRock Inc. now owns 7,597 shares of the renewable energy company’s stock valued at $186,000 after buying an additional 5,361 shares during the period. Harbourvest Partners LLC raised its stake in SolarCity Corp. by 127.8% in the first quarter. Harbourvest Partners LLC now owns 65,754 shares of the renewable energy company’s stock valued at $1,616,000 after buying an additional 36,884 shares during the period. Squarepoint Ops LLC purchased a new stake in SolarCity Corp. during the first quarter valued at approximately $243,000. Finally, Swiss National Bank raised its stake in SolarCity Corp. by 7.4% in the second quarter. Swiss National Bank now owns 105,600 shares of the renewable energy company’s stock valued at $2,527,000 after buying an additional 7,300 shares during the period. 42.87% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have weighed in on the company. Morgan Stanley lowered SolarCity Corp. from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $34.00 to $24.00 in a report on Thursday, June 23rd. Axiom Securities reiterated a “sell” rating on shares of SolarCity Corp. in a report on Tuesday, June 28th. Barclays PLC reiterated a “sell” rating on shares of SolarCity Corp. in a report on Wednesday, June 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $25.00 target price on shares of SolarCity Corp. in a report on Wednesday, June 22nd. Finally, Roth Capital reiterated a “neutral” rating and set a $19.00 target price on shares of SolarCity Corp. in a report on Tuesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $30.97.
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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