SolarCity Corp. (SCTY) Shares Down 0.6%
SolarCity Corp. (NASDAQ:SCTY) shares traded down 0.6% during mid-day trading on Monday . The company traded as low as $21.72 and last traded at $21.91, with a volume of 697,498 shares trading hands. The stock had previously closed at $22.05.
A number of research analysts have issued reports on the company. Cowen and Company assumed coverage on SolarCity Corp. in a research note on Thursday. They issued a “market perform” rating and a $50.00 price objective for the company. Roth Capital set a $25.00 price target on SolarCity Corp. and gave the stock a “hold” rating in a research note on Thursday, August 11th. Avondale Partners downgraded SolarCity Corp. from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 3rd. Raymond James Financial Inc. downgraded SolarCity Corp. from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, August 2nd. Finally, Robert W. Baird downgraded SolarCity Corp. from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $37.00 to $25.00 in a research note on Tuesday, August 2nd. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, three have issued 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 stock’s market cap is $2.15 billion. The firm’s 50-day moving average price is $24.74 and its 200 day moving average price is $24.10.
SolarCity Corp. (NASDAQ:SCTY) last posted its quarterly earnings data on Tuesday, August 9th. The renewable energy company reported ($2.32) EPS for the quarter, beating analysts’ consensus estimates of ($2.44) by $0.12. The firm had revenue of $185.80 million for the quarter, compared to analysts’ expectations of $141.57 million. During the same quarter last year, the company posted ($0.23) EPS. The firm’s revenue was up 80.7% compared to the same quarter last year. Equities analysts anticipate that SolarCity Corp. will post ($9.92) earnings per share for the current year.
In related news, EVP Seth R. Weissman sold 4,420 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $23.89, for a total transaction of $105,593.80. Following the completion of the sale, the executive vice president now owns 66,570 shares in the company, valued at $1,590,357.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Tanguy Serra sold 2,724 shares of the company’s stock in a transaction 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 sale, the chief financial officer now owns 27,437 shares of the company’s stock, valued at approximately $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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