SolarCity Corp. (SCTY) Downgraded to Hold at Vetr Inc.
Vetr lowered shares of SolarCity Corp. (NASDAQ:SCTY) from a buy rating to a hold rating in a research report report published on Monday. They currently have $20.26 price target on the renewable energy company’s stock.
A number of other analysts have also recently issued reports on the company. Robert W. Baird restated a neutral rating and set a $25.00 price objective on shares of SolarCity Corp. in a research report on Monday, September 26th. Needham & Company LLC restated a hold rating on shares of SolarCity Corp. in a research report on Tuesday, September 13th. JPMorgan Chase & Co. set a $21.00 price objective on SolarCity Corp. and gave the company a hold rating in a research report on Monday, September 12th. Axiom Securities restated a sell rating and set a $7.00 price objective on shares of SolarCity Corp. in a research report on Friday, September 9th. Finally, Cowen and Company assumed coverage on SolarCity Corp. in a research report on Thursday, August 25th. They set a market perform rating and a $50.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $30.12.
SolarCity Corp. (NASDAQ:SCTY) opened at 20.15 on Monday. SolarCity Corp. has a 1-year low of $16.20 and a 1-year high of $58.87. The company’s 50 day moving average is $20.00 and its 200-day moving average is $23.52. The stock’s market cap is $2.02 billion.
SolarCity Corp. (NASDAQ:SCTY) last released its quarterly earnings data 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 had revenue of $185.80 million for 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%. SolarCity Corp.’s quarterly revenue was up 80.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.23) earnings per share. Equities research analysts forecast that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In other SolarCity Corp. news, CFO Tanguy Serra sold 2,724 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 27,437 shares in the company, valued at $650,805.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Seth R. Weissman sold 4,420 shares of the 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 completion of the sale, the executive vice president now owns 66,570 shares of the company’s stock, valued at $1,590,357.30. The disclosure for this sale can be found here. 36.40% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in SCTY. BNP Paribas Arbitrage SA increased its stake in shares of SolarCity Corp. by 78.3% in the second quarter. BNP Paribas Arbitrage SA now owns 307,024 shares of the renewable energy company’s stock valued at $7,347,000 after buying an additional 134,869 shares during the period. Seven Eight Capital LLC increased its position 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 worth $158,000 after buying an additional 6,042 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in SolarCity Corp. by 2.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,745 shares of the renewable energy company’s stock worth $412,000 after buying an additional 445 shares during the last quarter. Natixis purchased a new position in SolarCity Corp. during the first quarter worth about $443,000. Finally, Legal & General Group Plc increased its position 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 worth $106,000 after buying an additional 2,300 shares during the last quarter. Institutional investors own 42.87% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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