SolarCity Corp. (SCTY) Rating Lowered to Hold at Zacks Investment Research
SolarCity Corp. (NASDAQ:SCTY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
According to Zacks, “SolarCity Corporation provides clean energy services. The company offers solar power, energy efficiency and electric vehicle design, monitoring and maintenance services to homeowners, businesses, schools, non-profits, and government organizations in the United States. SolarCity is headquartered in San Mateo, California. “
A number of other analysts also recently weighed in on the stock. Axiom Securities downgraded shares of SolarCity Corp. from a “hold” rating to a “sell” rating and set a $16.00 price target for the company. in a report on Wednesday. Barclays PLC reaffirmed an “underweight” rating on shares of SolarCity Corp. in a report on Thursday, November 10th. Vetr downgraded shares of SolarCity Corp. from a “hold” rating to a “sell” rating and set a $16.96 price target for the company. in a report on Thursday, November 3rd. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $25.00 price target on shares of SolarCity Corp. in a report on Wednesday, October 26th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $25.00 price target on shares of SolarCity Corp. in a report on Monday, September 26th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the stock. SolarCity Corp. presently has an average rating of “Hold” and an average price target of $30.01.
SolarCity Corp. (NASDAQ:SCTY) opened at 20.34 on Friday. The stock’s 50 day moving average is $19.88 and its 200-day moving average is $21.66. The company’s market capitalization is $2.05 billion. SolarCity Corp. has a 12 month low of $16.20 and a 12 month high of $58.87.
SolarCity Corp. (NASDAQ:SCTY) last issued its quarterly earnings results on Wednesday, November 9th. The renewable energy company reported ($2.27) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($2.29) by $0.02. SolarCity Corp. had a negative net margin of 3.63% and a negative return on equity of 62.02%. The company earned $200.60 million during the quarter. During the same period last year, the company posted ($0.20) EPS. The business’s revenue was up 76.1% on a year-over-year basis. On average, analysts expect that SolarCity Corp. will post ($9.31) EPS for the current year.
In other news, EVP Seth R. Weissman sold 2,883 shares of the company’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $19.72, for a total value of $56,852.76. Following the sale, the executive vice president now directly owns 64,650 shares of the company’s stock, valued at approximately $1,274,898. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 36.40% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of SCTY. Think Investments LP purchased a new stake in SolarCity Corp. during the second quarter worth approximately $18,306,000. OMERS ADMINISTRATION Corp purchased a new stake in SolarCity Corp. during the third quarter worth approximately $13,044,000. Vanguard Group Inc. raised its stake 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 worth $105,659,000 after buying an additional 194,861 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in SolarCity Corp. by 12.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,673,190 shares of the renewable energy company’s stock worth $32,728,000 after buying an additional 190,872 shares in the last quarter. Finally, DNB Asset Management AS raised its stake 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 worth $7,014,000 after buying an additional 151,643 shares in the last quarter. 39.24% 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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