Trading Report: Today, SolarCity Corp. (SCTY) Rating Lowered to Hold at Vetr Inc.

Today, SolarCity Corp. (SCTY) Rating Lowered to Hold at Vetr Inc.

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

SCTY has been the subject of a number of other reports. Deutsche Bank AG lowered SolarCity Corp. from a buy rating to a hold rating and decreased their target price for the company from $32.00 to $25.00 in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. set a $21.00 target price on SolarCity Corp. and gave the company a hold rating in a research report on Monday, September 12th. Robert W. Baird reaffirmed a neutral rating and set a $25.00 target price on shares of SolarCity Corp. in a research report on Monday, September 26th. Barclays PLC lowered SolarCity Corp. from an equal weight rating to an underweight rating and decreased their target price for the company from $35.00 to $28.00 in a research report on Monday, June 20th. Finally, Credit Suisse Group AG lowered SolarCity Corp. from an outperform rating to a neutral rating and decreased their target price for the company from $38.00 to $27.00 in a research report on Friday, July 1st. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have assigned a buy rating to the company. SolarCity Corp. has a consensus rating of Hold and a consensus target price of $30.12.

Shares of SolarCity Corp. (NASDAQ:SCTY) opened at 19.51 on Monday. SolarCity Corp. has a 52-week low of $16.20 and a 52-week high of $58.87. The stock’s market capitalization is $1.96 billion. The company’s 50 day moving average price is $19.66 and its 200 day moving average price is $23.42.

SolarCity Corp. (NASDAQ:SCTY) last issued its earnings results on Tuesday, August 9th. The renewable energy company reported ($2.32) earnings per share for the quarter, beating the Zacks’ 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%. SolarCity Corp.’s revenue was up 80.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) EPS. On average, equities research analysts anticipate that SolarCity Corp. will post ($9.92) EPS for the current year.

In other news, CFO Tanguy Serra sold 2,724 shares of the company’s 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 owns 27,437 shares in the company, valued at $650,805.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Seth R. Weissman sold 4,420 shares of the company’s stock in a transaction dated 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 owns 66,570 shares in the company, valued at approximately $1,590,357.30. The disclosure for this sale can be found here. Company insiders own 36.40% of the company’s stock.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of SolarCity Corp. by 239.8% in the first quarter. BlackRock Inc. now owns 7,597 shares of the renewable energy company’s stock worth $186,000 after buying an additional 5,361 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake 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 worth $364,000 after buying an additional 227 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of SolarCity Corp. by 6.3% in the second quarter. Daiwa Securities Group Inc. now owns 72,452 shares of the renewable energy company’s stock worth $1,733,000 after buying an additional 4,262 shares during the last quarter. Harbourvest Partners LLC increased its stake in shares of 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 last quarter. Finally, Swiss National Bank increased its stake in shares of SolarCity Corp. by 7.4% in the second quarter. Swiss National Bank now owns 105,600 shares of the renewable energy company’s stock worth $2,527,000 after buying an additional 7,300 shares during the last quarter. Hedge funds and other institutional investors own 42.87% of the company’s stock.

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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