SolarCity Corp. (SCTY) Sees Significant Growth in Short Interest
SolarCity Corp. (NASDAQ:SCTY) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 21,671,983 shares, an increase of 16.1% from the August 31st total of 18,662,686 shares. Approximately 33.0% of the shares of the company are short sold. Based on an average daily trading volume, of 5,209,593 shares, the short-interest ratio is currently 4.2 days.
SCTY has been the topic of several recent analyst reports. Robert W. Baird reiterated an “outperform” rating and issued a $37.00 target price on shares of SolarCity Corp. in a research note on Wednesday, July 20th. Cowen and Company initiated coverage on shares of SolarCity Corp. in a research note on Thursday, August 25th. They issued a “market perform” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. set a $21.00 target price on shares of SolarCity Corp. and gave the stock a “hold” rating in a research note on Monday, September 12th. Raymond James Financial Inc. cut shares of SolarCity Corp. from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, August 2nd. Finally, Axiom Securities reiterated a “sell” rating and issued a $7.00 target price on shares of SolarCity Corp. in a research note on Friday, September 9th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $30.20.
In related news, EVP Seth R. Weissman sold 4,420 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 66,570 shares of the company’s stock, valued at approximately $1,590,357.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Tanguy Serra sold 2,724 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly 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 currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc boosted 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 in the last quarter. KBC Group NV purchased a new stake in SolarCity Corp. during the second quarter worth $122,000. Cubist Systematic Strategies LLC boosted its stake in 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 worth $125,000 after buying an additional 2,007 shares in the last quarter. Seven Eight Capital LLC boosted its stake in 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 worth $158,000 after buying an additional 6,042 shares in the last quarter. Finally, Advisor Group Inc. purchased a new stake in SolarCity Corp. during the second quarter worth $163,000. 42.87% of the stock is currently owned by institutional investors.
Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 19.99 on Wednesday. SolarCity Corp. has a one year low of $16.20 and a one year high of $58.87. The firm has a 50-day moving average of $20.48 and a 200-day moving average of $23.72. The company’s market cap is $2.00 billion.
SolarCity Corp. (NASDAQ:SCTY) last posted its quarterly earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.44) by $0.12. The company 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 firm’s revenue was up 80.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.23) EPS. Equities research analysts forecast that SolarCity Corp. will post ($9.92) EPS for the current fiscal year.
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.
Receive News & Stock Ratings for SolarCity Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SolarCity Corp. and related stocks with our FREE daily email newsletter.