Robert W. Baird reaffirmed their neutral rating on shares of SolarCity Corp. (NASDAQ:SCTY) in a research report released on Monday. They currently have a $25.00 price target on the renewable energy company’s stock.
Several other research analysts have also recently issued reports on the company. Needham & Company LLC reissued a hold rating on shares of SolarCity Corp. in a research report on Tuesday, September 13th. JPMorgan Chase & Co. set a $21.00 target price on SolarCity Corp. and gave the stock a hold rating in a research report on Monday, September 12th. Axiom Securities reissued a sell rating and issued a $7.00 target price on shares of SolarCity Corp. in a research report on Friday, September 9th. Cowen and Company began coverage on SolarCity Corp. in a research report on Thursday, August 25th. They issued a market perform rating and a $50.00 target price on the stock. Finally, Roth Capital set a $25.00 target price on SolarCity Corp. and gave the stock a hold rating in a research report on Thursday, August 11th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company. SolarCity Corp. has an average rating of Hold and a consensus price target of $30.20.
SolarCity Corp. (NASDAQ:SCTY) opened at 19.68 on Monday. SolarCity Corp. has a one year low of $16.20 and a one year high of $58.87. The stock’s market cap is $1.97 billion. The stock’s 50 day moving average price is $20.23 and its 200 day moving average price is $23.67.
SolarCity Corp. (NASDAQ:SCTY) last announced its earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share (EPS) for the quarter, topping the consensus estimate 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%. 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 posted ($0.23) earnings per share. Equities analysts predict that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In other news, CFO Tanguy Serra sold 2,724 shares of SolarCity Corp. stock in a transaction that occurred 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 approximately $650,805.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Seth R. Weissman sold 4,420 shares of SolarCity Corp. 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 completion of the transaction, the executive vice president now owns 66,570 shares of the company’s stock, valued at approximately $1,590,357.30. The disclosure for this sale can be found here. 36.40% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in SCTY. Vanguard Group Inc. boosted its position in shares of SolarCity Corp. by 4.6% in the second quarter. Vanguard Group Inc. now owns 4,415,320 shares of the renewable energy company’s stock worth $105,659,000 after buying an additional 194,861 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in SolarCity Corp. by 3.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,482,318 shares of the renewable energy company’s stock worth $35,472,000 after buying an additional 48,557 shares during the last quarter. Think Investments LP acquired a new position in SolarCity Corp. during the second quarter worth about $18,306,000. Guggenheim Capital LLC boosted its position in SolarCity Corp. by 10.0% in the second quarter. Guggenheim Capital LLC now owns 652,408 shares of the renewable energy company’s stock worth $15,612,000 after buying an additional 59,309 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in 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 worth $7,347,000 after buying an additional 134,869 shares during the last quarter. Hedge funds and other 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.
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