Trading Report: The SolarCity Corp. (SCTY) Rating Increased to Buy at Vetr Inc.

The SolarCity Corp. (SCTY) Rating Increased to Buy at Vetr Inc.

Vetr upgraded shares of SolarCity Corp. (NASDAQ:SCTY) from a hold rating to a buy rating in a report published on Monday. The firm currently has $20.26 price target on the renewable energy company’s stock.

Several other brokerages have also commented on SCTY. Avondale Partners raised SolarCity Corp. from a market perform rating to an outperform rating in a research report on Tuesday, June 28th. Raymond James Financial Inc. lowered SolarCity Corp. from a strong-buy rating to a market perform rating in a research report on Tuesday, August 2nd. Guggenheim reaffirmed a buy rating on shares of SolarCity Corp. in a research report on Wednesday, June 22nd. 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 report on Tuesday, June 21st. Finally, Needham & Company LLC reaffirmed a hold rating on shares of SolarCity Corp. in a research report on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $30.12.

SolarCity Corp. (NASDAQ:SCTY) opened at 19.94 on Monday. 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 is $19.15 and its 200 day moving average is $23.26. The company’s market cap is $2.00 billion.

SolarCity Corp. (NASDAQ:SCTY) last announced its quarterly earnings data on Tuesday, August 9th. The renewable energy company reported ($2.32) EPS for the quarter, beating the consensus estimate of ($2.44) by $0.12. The business earned $185.80 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 80.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.23) earnings per share. Equities analysts forecast that SolarCity Corp. will post ($9.92) earnings per share for the current fiscal year.

In related news, CFO Tanguy Serra sold 2,724 shares of the stock in a transaction on Tuesday, August 16th. The stock was 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 of the company’s stock, valued at approximately $650,805.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Seth R. Weissman sold 4,420 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 66,570 shares in the company, valued at $1,590,357.30. The disclosure for this sale can be found here. Insiders own 36.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. MSI Financial Services Inc raised its position in shares of SolarCity Corp. by 8.2% in the third quarter. MSI Financial Services Inc now owns 10,074 shares of the renewable energy company’s stock valued at $197,000 after buying an additional 761 shares during the period. Northwestern Mutual Investment Management Company LLC raised its position in shares of SolarCity Corp. by 1.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 15,227 shares of the renewable energy company’s stock valued at $364,000 after buying an additional 227 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of SolarCity Corp. by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 24,334 shares of the renewable energy company’s stock valued at $582,000 after buying an additional 1,542 shares during the period. Legal & General Group Plc raised its position in shares of SolarCity Corp. by 4.0% in the second quarter. Legal & General Group Plc now owns 4,480 shares of the renewable energy company’s stock valued at $107,000 after buying an additional 174 shares during the period. Finally, Think Investments LP purchased a new position in shares of SolarCity Corp. during the second quarter valued at $18,306,000. 42.87% of the stock is currently owned by institutional investors and hedge funds.

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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