SolarCity Corp (SCTY) Releases Earnings Results, Beats Expectations By $0.19 EPS

SolarCity Corp (SCTY) reported quarterly earnings results on Tuesday, Aug-9-2016. The company said it had a profit of $-2.32 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.19. Analysts had a consensus of $-2.51. The company posted revenue of $185.80 million in the period, compared to analysts expectations of $147.31 million. The company’s revenue was up 80.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.23 EPS.

Many Wall Street Analysts have commented on SolarCity Corp. Shares were Downgraded by Robert W. Baird on Aug 2, 2016 to ” Neutral” and Lowered the Price Target to $ 25 from a previous price target of $37 .SolarCity Corp was Downgraded by Raymond James to ” Mkt Perform” on Aug 2, 2016. SolarCity Corp was Downgraded by Credit Suisse to ” Neutral” on Jul 1, 2016.

SolarCity Corp closed down -0.47 points or -1.90% at $24.32 with 17,26,696 shares getting traded on Monday. Post opening the session at $24.5, the shares hit an intraday low of $24.3 and an intraday high of $24.77 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on May 17, 2016, Seth R Weissman (EVP, General Counsel) sold 940 shares at $20.35 per share price. According to the SEC, on May 17, 2016, Tanguy Serra (President & CFO) sold 2,617 shares at $20.51 per share price. On May 17, 2016, Hayden Barnard (Chief Revenue Officer) sold 3,428 shares at $20.35 per share price, according to the Form-4 filing with the securities and exchange commission.

SolarCity Corporation (SolarCity) sells renewable energy. The Company integrates the sales engineering installation monitoring maintenance and financing of its distributed solar energy systems. It offers long-term energy solutions to residential commercial and government customers. It offers its customers the option to either purchase and own solar energy systems or to purchase the energy that its solar energy systems produce through various contractual arrangements. The Company’s products services and technologies include solar energy systems customer agreements grid control / energy storage systems Zep solar mounting systems and software. The Company’s wholly owned subsidiary Zep Solar Inc. (Zep Solar) licenses its Zep Groove technology to photovoltaic module and power electronics manufacturers and supplies the Company with complementary mounting and grounding hardware. The Company served customers in 15 states and the District of Columbia United States.

SolarCity Corp

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