SolarCity Corp(NASDAQ:SCTY) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Aug 9, 2016. Company reported revenue of $185.78M. Analysts estimated a revenue of $138.69M. Earnings per share were $-2.32. Analysts had estimated an EPS of $-2.49.
In a different note, On Aug 2, 2016, Baird said it Downgrades its rating on SolarCity Corp. In the research note, the firm Lowers the price-target to $37.00 per share. The shares have been rated ‘Neutral’ by the firm. On Aug 2, 2016, Raymond James said it Downgrades its rating on SolarCity Corp. The shares have been rated ‘Market Perform’ by the firm. On Aug 1, 2016, Guggenheim Securities said it Downgrades its rating on SolarCity Corp. The shares have been rated ‘Neutral’ by the firm. On Jun 28, 2016, Avondale Partners said it Upgrades its rating on SolarCity Corp. The shares have been rated ‘Market Outperform’ by the firm. On Jun 23, 2016, Morgan Stanley said it Downgrades its rating on SolarCity Corp. In the research note, the firm Lowers the price-target to $34.00 per share. The shares have been rated ‘Equal-weight’ by the firm. On Jun 22, 2016, Stifel Nicolaus said it Downgrades its rating on SolarCity Corp. The shares have been rated ‘Hold’ by the firm.
SolarCity Corp (SCTY) shares turned negative on Wednesdays trading session with the shares closing down -0.17 points or -0.72% at a volume of 11,72,563. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $23.75. The peak price level was also seen at $23.75 while the days lowest was $23.33. Finally the shares closed at $23.59. The 52-week high of the shares is $58.87 while the 52-week low is $16.305. According to the latest information available, the market cap of the company is $2,365 M.
Several Insider Transactions has been reported to the SEC. On May 17, 2016, Seth R Weissman (EVP, General Counsel) sold 940 shares at $20.35 per share price.Also, 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.