Shares of SolarCity Corp (NASDAQ:SCTY) are up sharply today following a week in Paris that saw global leaders making numerous promises for ramping up their spending related to green energy investments.
With billions and billions of dollars expected to be invested into companies within the solar and wind energy spaces, SolarCity looks to be one of the many beneficiaries within the industry. Today shares are showing a textbook breakout according to charts as investors hope that the stock has seen it’s lows.
The stock is up 8.31% or $2.39 after the positive news, hitting $31.15 per share. About 3.72M shares traded hands. SCTY has declined 53.03% since April 28, 2015 and is downtrending. It has underperformed by 51.41% the S&P500.
Out of 13 analysts covering SolarCity (NASDAQ:SCTY), 6 rate it “Buy”, 1 “Sell”, while 6 “Hold”. This means 46% are positive. $98 is the highest target while $48 is the lowest. The $64.30 average target is 106.42% above today’s ($31.15) stock price. SolarCity was the topic in 21 analyst reports since July 24, 2015 according to StockzIntelligence Inc. Bernstein initiated the stock on November 13 with “Mkt Perform” rating. Stifel Nicolaus initiated it with “Buy” rating and $64.0 target price in a September 24 report. Goldman Sachs downgraded the shares of SCTY in a report on October 30 to “Neutral” rating. Morgan Stanley upgraded the firm’s rating on August 27. Morgan Stanley has “Equal-Weight” rating and $93 price target. Finally, Robert W. Baird downgraded the stock to “Neutral” rating in an October 30 report.
The institutional sentiment increased to 1.38 in Q2 2015. Its up 0.11, from 1.27 in 2015Q1. The ratio is positive, as 47 funds sold all SolarCity Corp shares owned while 53 reduced positions. 42 funds bought stakes while 96 increased positions. They now own 52.54 million shares or 18.94% more from 44.18 million shares in 2015Q1.
Founders Fund Iv Management Llc holds 100% of its portfolio in SolarCity Corp for 1.25 million shares. First Trust Bank Ltd. owns 220,000 shares or 21.65% of their US portfolio. Moreover, Srs Investment Management Llc has 12.87% invested in the company for 8.00 million shares. The United Kingdom-based Rit Capital Partners Plc has invested 4.9% in the stock. Canyon Capital Advisors Llc, a California-based fund reported 3.03 million shares.
Since March 9, 2015, the stock had 0 insider buys, and 7 insider sales for $3.07 million net activity. Buss Brad W sold 10,645 shares worth $512,377. Weissman Seth R sold 1,938 shares worth $92,037. Serra Tanguy sold 5,399 shares worth $258,358. Barnard Hayden sold 7,206 shares worth $344,171. The insider Pfund Nancy E sold 12,500 shares worth $750,200.
SolarCity Corporation sells renewable energy. The company has a market cap of $2.92 billion. The Firm integrates the sales, engineering, installation, monitoring, maintenance and financing of its distributed solar energy systems. It currently has negative earnings. It offers long-term energy solutions to residential, commercial and government customers.