SolarCity Corp (SCTY) was Downgraded by Morgan Stanley to ” Equal-Weight” while Lowering the Price Target of the company shares to $ 24 from a previous price target of $34 . Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Jun 23, 2016.
Many Wall Street Analysts have commented on SolarCity Corp. SolarCity Corp was Downgraded by Stifel to ” Hold” on Jun 22, 2016. Barclays Downgraded SolarCity Corp on Jun 20, 2016 to ” Underweight”, Price Target of the shares are set at $20.Robert W. Baird Upgraded SolarCity Corp on Jun 9, 2016 to ” Outperform”, Price Target of the shares are set at $37.
On the company’s financial health, SolarCity Corp reported $-2.56 EPS for the quarter, missing the analyst consensus estimate by $ -0.19 based on the information available during the earnings call on May 9, 2016. Analyst had a consensus of $-2.37. The company had revenue of $122.57 million for the quarter, compared to analysts expectations of $110.02 million. The company’s revenue was up 81.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-1.52 EPS.
SolarCity Corp closed down -0.69 points or -3.15% at $21.19 with 66,50,593 shares getting traded on Tuesday. Post opening the session at $21.86, the shares hit an intraday low of $20.8 and an intraday high of $22 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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.