SolarCity Corp. (NASDAQ:SCTY) Receives $29.36 Consensus Price Target from Analysts
SolarCity Corp. (NASDAQ:SCTY) has been assigned a consensus rating of “Hold” from the twenty-two brokerages that are currently covering the stock. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $29.36.
SCTY has been the topic of several research analyst reports. Deutsche Bank AG dropped their target price on SolarCity Corp. from $49.00 to $32.00 and set a “buy” rating on the stock in a research note on Friday, May 27th. Credit Suisse Group AG restated a “buy” rating on shares of SolarCity Corp. in a research note on Wednesday, June 8th. Robert W. Baird upgraded SolarCity Corp. from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $23.07 to $37.00 in a research note on Thursday, June 9th. Barclays PLC downgraded SolarCity Corp. from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $35.00 to $28.00 in a research note on Monday, June 20th. Finally, Oppenheimer Holdings Inc. restated a “buy” rating and set a $26.00 target price (down from $27.00) on shares of SolarCity Corp. in a research note on Tuesday, June 21st.
Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 17.23 on Thursday. The stock’s market cap is $1.73 billion. SolarCity Corp. has a 52-week low of $16.20 and a 52-week high of $58.87. The company’s 50 day moving average price is $21.41 and its 200 day moving average price is $23.98.
SolarCity Corp. (NASDAQ:SCTY) last announced its earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.44) by $0.12. SolarCity Corp. had a negative return on equity of 64.78% and a negative net margin of 17.65%. The firm had revenue of $185.80 million for the quarter, compared to the consensus estimate of $141.57 million. During the same period in the previous year, the business earned ($0.23) EPS. The firm’s revenue for the quarter was up 80.7% on a year-over-year basis. On average, analysts anticipate that SolarCity Corp. will post ($9.92) earnings per share for the current year.
In other news, EVP Seth R. Weissman sold 4,420 shares of the company’s 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 sale, the executive vice president now directly owns 66,570 shares in the company, valued at $1,590,357.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tanguy Serra sold 2,724 shares of the company’s stock in a transaction that occurred 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 insiders.
Large investors have recently bought and sold shares of the stock. Natixis bought a new stake in SolarCity Corp. during the first quarter worth about $443,000. Legal & General Group Plc raised its stake in 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 worth $106,000 after buying an additional 2,300 shares during the period. Harbourvest Partners LLC raised its stake in SolarCity Corp. by 127.8% in the first quarter. Harbourvest Partners LLC now owns 65,754 shares of the renewable energy company’s stock worth $1,616,000 after buying an additional 36,884 shares during the period. Geode Capital Management LLC raised its stake in SolarCity Corp. by 4.3% in the first quarter. Geode Capital Management LLC now owns 400,255 shares of the renewable energy company’s stock worth $9,838,000 after buying an additional 16,680 shares during the period. Finally, Scotia Capital Inc. raised its stake in SolarCity Corp. by 15.7% in the first quarter. Scotia Capital Inc. now owns 8,821 shares of the renewable energy company’s stock worth $217,000 after buying an additional 1,195 shares during the period. Institutional investors and hedge funds 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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