SolarCity Corp. (NASDAQ:SCTY) was downgraded by equities research analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued on Monday. They currently have a $20.26 target price on the renewable energy company’s stock. Vetr‘s price target indicates a potential upside of 2.37% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. Avondale Partners downgraded shares of SolarCity Corp. from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 3rd. Goldman Sachs Group Inc. reissued a “neutral” rating and set a $23.00 target price on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. Barclays PLC reissued a “sell” rating on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $25.00 price target on shares of SolarCity Corp. in a report on Wednesday, June 22nd. Finally, Raymond James Financial Inc. restated a “hold” rating and issued a $50.00 price target on shares of SolarCity Corp. in a report on Wednesday, June 22nd. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.12.
Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 19.79 on Monday. The stock’s market capitalization is $1.98 billion. The firm’s 50-day moving average is $19.88 and its 200-day moving average is $23.47. SolarCity Corp. has a one year low of $16.20 and a one year high of $58.87.
SolarCity Corp. (NASDAQ:SCTY) last posted its earnings results 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 business had revenue of $185.80 million for the quarter, compared to the consensus estimate of $141.57 million. SolarCity Corp. had a negative net margin of 17.65% and a negative return on equity of 64.78%. The company’s revenue for the quarter was up 80.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.23) EPS. On average, analysts expect that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In related news, EVP Seth R. Weissman sold 4,420 shares of the business’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 sale, the executive vice president now owns 66,570 shares of the company’s stock, valued at approximately $1,590,357.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Tanguy Serra sold 2,724 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $23.72, for a total transaction of $64,613.28. Following the completion of the sale, the chief financial officer now directly owns 27,437 shares of the company’s stock, valued at approximately $650,805.64. The disclosure for this sale can be found here. 36.40% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Think Investments LP bought a new stake in shares of SolarCity Corp. during the second quarter valued at approximately $18,306,000. Vanguard Group Inc. boosted its stake 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 valued at $105,659,000 after buying an additional 194,861 shares during the period. DNB Asset Management AS boosted its stake in shares of SolarCity Corp. by 107.2% in the second quarter. DNB Asset Management AS now owns 293,099 shares of the renewable energy company’s stock valued at $7,014,000 after buying an additional 151,643 shares during the period. Societe Generale acquired a new stake in shares of SolarCity Corp. during the second quarter valued at about $3,289,000. Finally, BNP Paribas Arbitrage SA boosted 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. 42.87% of the stock is owned by institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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