Vetr upgraded shares of SolarCity Corp. (NASDAQ:SCTY) from a hold rating to a buy rating in a research note issued to investors on Monday morning. The firm currently has $20.26 price target on the renewable energy company’s stock.
Other research analysts have also issued research reports about the stock. Oppenheimer Holdings Inc. reaffirmed a buy rating and issued a $26.00 price target (down previously from $27.00) on shares of SolarCity Corp. in a research note on Tuesday, June 21st. Guggenheim reaffirmed a buy rating on shares of SolarCity Corp. in a research note on Wednesday, June 22nd. Robert W. Baird reaffirmed a buy rating and issued a $37.00 price target on shares of SolarCity Corp. in a research note on Tuesday, July 12th. Morgan Stanley lowered shares of SolarCity Corp. from an overweight rating to an equal weight rating and cut their price target for the company from $34.00 to $24.00 in a research note on Thursday, June 23rd. Finally, Stifel Nicolaus lowered shares of SolarCity Corp. from a buy rating to a hold rating and lifted their price target for the company from $16.31 to $24.16 in a research note on Wednesday, June 22nd. One 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. SolarCity Corp. currently has an average rating of Hold and an average price target of $30.12.
Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 19.99 on Monday. The stock’s market cap is $2.00 billion. SolarCity Corp. has a 52-week low of $16.20 and a 52-week high of $58.87. The firm has a 50-day moving average of $19.22 and a 200-day moving average of $23.28.
SolarCity Corp. (NASDAQ:SCTY) last announced its quarterly earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.44) by $0.12. SolarCity Corp. had a negative net margin of 17.65% and a negative return on equity of 64.78%. The firm had revenue of $185.80 million for the quarter, compared to analyst estimates of $141.57 million. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. The business’s revenue was up 80.7% on a year-over-year basis. On average, equities analysts expect that SolarCity Corp. will post ($9.92) EPS for the current fiscal 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 shares were 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 in the company, valued at $650,805.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $105,593.80. Following the completion of the transaction, the executive vice president now owns 66,570 shares in the company, valued at $1,590,357.30. The disclosure for this sale can be found here. Company insiders own 36.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Think Investments LP bought a new position in SolarCity Corp. during the second quarter valued at approximately $18,306,000. Vanguard Group Inc. increased its position in 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 in the last quarter. DNB Asset Management AS increased its position in 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 in the last quarter. Societe Generale bought a new position in SolarCity Corp. during the second quarter valued at approximately $3,289,000. Finally, BNP Paribas Arbitrage SA increased 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 valued at $7,347,000 after buying an additional 134,869 shares in the last quarter. Hedge funds and other 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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