SolarCity Corp. (SCTY) Sees Large Volume Increase
SolarCity Corp. (NASDAQ:SCTY) shares saw unusually-strong trading volume on Thursday . Approximately 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 equities analysts have commented on SCTY shares. Zacks Investment Research downgraded SolarCity Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. Avondale Partners upgraded SolarCity Corp. from a “market perform” rating to an “outperform” rating in a report on Tuesday, June 28th. Roth Capital reiterated a “neutral” rating and set a $19.00 price target on shares of SolarCity Corp. in a report on Monday, May 9th. Raymond James Financial Inc. cut SolarCity Corp. from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, August 2nd. Finally, Oppenheimer Holdings Inc. reissued a “buy” rating on shares of SolarCity Corp. in a research report on Tuesday, May 10th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.17.
The firm’s 50 day moving average price is $24.44 and its 200 day moving average price is $24.08. The firm’s market capitalization is $1.88 billion.
SolarCity Corp. (NASDAQ:SCTY) last posted its earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.44) by $0.12. The business had revenue of $185.80 million for the quarter, compared to analyst estimates of $141.57 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The firm’s revenue was up 80.7% compared to the same quarter last year. Equities research analysts predict that SolarCity Corp. will post ($9.92) EPS for the current year.
In other SolarCity Corp. news, CFO Tanguy Serra sold 2,724 shares of the company’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 transaction, the chief financial officer now directly owns 27,437 shares of the company’s stock, valued at approximately $650,805.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Seth R. Weissman sold 4,420 shares of the company’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 transaction, the executive vice president now directly owns 66,570 shares in the company, valued at $1,590,357.30. 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.