A number of other brokerages have also commented on SCTY. Avondale Partners upgraded SolarCity Corp. from a market perform rating to an outperform rating in a research report on Tuesday, June 28th. Raymond James Financial Inc. downgraded SolarCity Corp. from a strong-buy rating to a market perform rating in a report on Tuesday, August 2nd. Guggenheim reissued a buy rating on shares of SolarCity Corp. in a report on Wednesday, June 22nd. Oppenheimer Holdings Inc. reissued a buy rating and issued a $26.00 price target (down from $27.00) on shares of SolarCity Corp. in a report on Tuesday, June 21st. Finally, Needham & Company LLC reissued a hold rating on shares of SolarCity Corp. in a report on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $30.12.
SolarCity Corp. (NASDAQ:SCTY) opened at 19.38 on Thursday. SolarCity Corp. has a 12-month low of $16.20 and a 12-month high of $58.87. The company has a 50 day moving average of $19.31 and a 200-day moving average of $23.31. The stock’s market capitalization is $1.94 billion.
SolarCity Corp. (NASDAQ:SCTY) last issued its earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) EPS for the quarter, beating the Zacks’ consensus estimate of ($2.44) by $0.12. The firm had revenue of $185.80 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 80.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. On average, equities research analysts forecast that SolarCity Corp. will post ($9.92) earnings per share for the current year.
In other SolarCity Corp. 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 value of $105,593.80. Following the completion of the sale, the executive vice president now directly owns 66,570 shares in the company, valued at approximately $1,590,357.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 completion of the sale, the chief financial officer now owns 27,437 shares of the company’s stock, valued at $650,805.64. The disclosure for this sale can be found here. 36.40% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Legal & General Group Plc boosted its stake in shares of 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 valued at $106,000 after buying an additional 2,300 shares during the last quarter. KBC Group NV bought a new stake in shares of SolarCity Corp. during the second quarter valued at about $122,000. Cubist Systematic Strategies LLC boosted its stake in shares of SolarCity Corp. by 62.7% in the second quarter. Cubist Systematic Strategies LLC now owns 5,208 shares of the renewable energy company’s stock valued at $125,000 after buying an additional 2,007 shares during the last quarter. Seven Eight Capital LLC boosted its stake in shares of 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 valued at $158,000 after buying an additional 6,042 shares during the last quarter. Finally, Advisor Group Inc. bought a new stake in shares of SolarCity Corp. during the second quarter valued at about $163,000. Institutional investors own 42.87% of the company’s stock.
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.
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