SolarCity Corp (SCTY) was Downgraded by Credit Suisse to ” Neutral”. Earlier the firm had a rating of “Outperform ” on the company shares. Credit Suisse advised their investors in a research report released on Jul 1, 2016.
Many Wall Street Analysts have commented on SolarCity Corp. SolarCity Corp was Upgraded by Avondale to ” Mkt Outperform” on Jun 28, 2016. Shares were Downgraded by Morgan Stanley on Jun 23, 2016 to ” Equal-Weight” and Lowered the Price Target to $ 24 from a previous price target of $34 .SolarCity Corp was Downgraded by Stifel to ” Hold” on Jun 22, 2016.
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 opened for trading at $24 and hit $24.74 on the upside on Wednesday, eventually ending the session at $24.29, with a gain of 2.27% or 0.54 points. The heightened volatility saw the trading volume jump to 77,84,082 shares. Company has a market cap of $2,388 M.
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.