SolarCity Corp. (SCTY) Short Interest Down 6.3% in August
SolarCity Corp. (NASDAQ:SCTY) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 18,662,686 shares, a decrease of 6.3% from the August 15th total of 19,915,394 shares. Based on an average daily volume of 1,764,088 shares, the short-interest ratio is currently 10.6 days. Approximately 28.4% of the company’s stock are short sold.
In other SolarCity Corp. news, EVP Seth R. Weissman sold 4,420 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $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 company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly 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 company insiders.
Large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted 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 purchased a new stake in SolarCity Corp. during the second quarter valued at approximately $122,000. Cubist Systematic Strategies LLC boosted 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 boosted 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. purchased a new stake in SolarCity Corp. during the second quarter valued at approximately $163,000. 42.87% of the stock is owned by institutional investors.
A number of brokerages have recently weighed in on SCTY. Morgan Stanley downgraded SolarCity Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company 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 issued a $25.00 price target on shares of SolarCity Corp. in a report on Wednesday, June 22nd. Finally, Roth Capital reiterated a “neutral” rating and issued a $19.00 price target 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 issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.97.
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 stock’s market capitalization is $1.88 billion.
SolarCity Corp. (NASDAQ:SCTY) last released its earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.44) by $0.12. The company earned $185.80 million during the quarter, compared to analysts’ expectations of $141.57 million. SolarCity Corp. had a negative return on equity of 64.78% and a negative net margin of 17.65%. The business’s revenue for the quarter was up 80.7% on a year-over-year basis. During the same period last year, the firm earned ($0.23) EPS. On average, analysts forecast that SolarCity Corp. will post ($9.92) EPS for the current year.
About SolarCity Corp.
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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