SolarCity Corp (NASDAQ:SCTY) shares continue to soar this week as investors take a keen liking to solar energy stocks. Today marks the third straight day this week that the stock has seen gains in excess of 8%, as the share price has soared from $28.76 at the close of trading on Monday to over $37 at the time of publishing this story.
The rise in the share price of SolarCity Corp (NASDAQ:SCTY) can be attributed in part to global news pertaining to green energy and global warming as well as the fact that shares had been beaten down in the month of November.The stock is up 8.50% or $2.92 following the news, hitting $37.27 per share. About 1.38 million shares traded hands. SCTY has declined 42.80% since April 30, 2015 and is downtrending. It has underperformed the S&P500 by 42.60%.
From a total of 13 analysts covering SolarCity (NASDAQ:SCTY) stock, 6 rate it a “Buy”, 1 a “Sell”, and 6 a “Hold”. This means that 46% of the ratings are positive. The highest target price is $98 while the lowest target price is $48. The mean of all analyst targets is $64.30 which is 72.52% above today’s ($37.27) stock price. SolarCity was the topic of 21 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Bernstein initiated shares on November 13 with a “Mkt Perform” rating. Stifel Nicolaus initiated shares with a”Buy” rating and a $64.0 target share price in their report from a September 24. Goldman Sachs downgraded SCTY stock in a recent report from October 30 to a “Neutral” rating. Morgan Stanley upgraded the rating on August 27. Morgan Stanley has a “Equal-Weight” rating and a $93 price target on shares. Finally, Robert W. Baird downgraded the stock to a “Neutral” rating in a report they issued on an October 30.
The institutional sentiment increased to 1.38 in Q2 2015. It’s up 0.11, from 1.27 in 2015Q1. The ratio is positive, as 47 funds sold all their SolarCity Corp shares they owned while 53 reduced their positions. 42 funds bought stakes while 96 increased their total positions. Institutions now own 52.54 million shares which is 18.94% more than the previous share count of 44.18 million in 2015Q1.
Founders Fund Iv Management Llc holds 100% of its total portfolio in SolarCity Corp, equating to 1.25 million shares. First Trust Bank Ltd. owns 220,000 shares representing 21.65% of their total US portfolio. Moreover, Srs Investment Management Llc has 12.87% of their total portfolio invested in the company, equating to 8.00 million shares. The United Kingdom-based Rit Capital Partners Plc has a total of 4.9% of their portfolio invested in the stock. Canyon Capital Advisors Llc, a California-based fund reported 3.03 million shares owned.
Since March 9, 2015, the stock had 0 insider buys, and 7 selling transactions for a total of $3.07 million in 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 $3.64 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.