Vetr cut shares of SolarCity Corp. (NASDAQ:SCTY) from a strong-buy rating to a buy rating in a research note issued to investors on Monday morning. Vetr currently has $21.84 price objective on the renewable energy company’s stock.
Several other brokerages have also recently issued reports on SCTY. Guggenheim cut SolarCity Corp. from a buy rating to a neutral rating in a research note on Monday, August 1st. Robert W. Baird reissued an outperform rating and issued a $37.00 price objective on shares of SolarCity Corp. in a research note on Wednesday, July 20th. Raymond James Financial Inc. cut SolarCity Corp. from a strong-buy rating to a market perform rating in a research note on Tuesday, August 2nd. Roth Capital reissued a neutral rating and issued a $19.00 price objective on shares of SolarCity Corp. in a research note on Tuesday, August 2nd. Finally, Avondale Partners cut SolarCity Corp. from an outperform rating to a market perform rating in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $30.20.
Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 20.48 on Monday. SolarCity Corp. has a 12-month low of $16.20 and a 12-month high of $58.87. The company’s market cap is $2.05 billion. The firm has a 50 day moving average price of $20.37 and a 200-day moving average price of $23.70.
SolarCity Corp. (NASDAQ:SCTY) last released 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 firm 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 company’s quarterly revenue was up 80.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. On average, equities analysts expect that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.
In other SolarCity Corp. news, EVP Seth R. Weissman sold 4,420 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $23.89, for a total transaction of $105,593.80. Following the sale, the executive vice president now directly 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tanguy Serra sold 2,724 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $23.72, for a total value of $64,613.28. Following the sale, the chief financial officer now directly owns 27,437 shares in the company, valued at $650,805.64. The disclosure for this sale can be found here. Company insiders own 36.40% of the company’s stock.
Large investors have recently made changes to their positions in the company. Think Investments LP bought a new stake in shares of SolarCity Corp. during the second quarter valued at $18,306,000. Norges Bank bought a new stake in shares of SolarCity Corp. during the fourth quarter valued at $12,854,000. Vanguard Group Inc. increased 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 in the last quarter. DNB Asset Management AS increased 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 in the last quarter. Finally, Societe Generale bought a new stake in shares of SolarCity Corp. during the second quarter valued at $3,289,000. 42.87% of the stock is currently 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.
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