SolarCity Corporation (SCTY) : Traders are bullish on SolarCity Corporation (SCTY) as it has outperformed the S&P 500 by a wide margin of 8.95% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.01%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 0.95% in the last 1 week, and is up 12.61% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 5.09% and the 50-Day Moving Average is 13.68%. SolarCity Corporation has dropped 11.94% during the last 3-month period . Year-to-Date the stock performance stands at -47.67%.
SolarCity Corporation (NASDAQ:SCTY): On Fridays trading session , Opening price of the stock was $26.94 with an intraday high of $27.03. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $26.3975. However, the stock managed to close at $26.7, a loss of 0.67% for the day. On the previous day, the stock had closed at $26.88. The total traded volume of the day was 1,931,275 shares.
Also, Equity Analysts at the Brokerage Firm, Credit Suisse, downgrades their rating on the shares of SolarCity Corporation (NASDAQ:SCTY). Credit Suisse has a Neutral rating on the shares. Previously, the analysts had a Outperform rating on the shares. As per the latest research report, the brokerage house lowers the price target to $27 per share from a prior target of $38. The rating by the firm was issued on July 1, 2016.
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 Companys products, services and technologies include solar energy systems, customer agreements, grid control / energy storage systems, Zep solar mounting systems and software. The Companys 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.