If you own stock in any solar companies, this week certainly has to be making you smile. Today, shares of SolarCity Corp (NASDAQ:SCTY) continue to rise along with the rest of the solar sector, as Congress has reached a tentative spending bill which includes extending the 30% Investment Tax Credit on solar until 2020.
SolarCity Corp (NASDAQ:SCTY) shareholders already witnessed a huge run up in the stock yesterday when news broke that a sweeping bill had been introduced to the House. The stock was up over 30% yesterday and traded as high as $58.49 out of the gate this morning. The stock is currently trading higher by 7.71% or $4.14 following the positive news, hitting $57.83 per share at the time of us publishing this article. About 163,471 shares traded hands. SCTY has declined 14.40% since May 14, 2015 and is downtrending. It has underperformed the S&P500 by 10.72%.
From a total of 8 analysts covering SolarCity (NYSE:SCTY) stock, 4 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 50% of the ratings are positive. The highest target price is $93 while the lowest target price is $30. The mean of all analyst targets is $62.29 which is 7.71% above today’s ($57.83) stock price. SolarCity was the topic of 10 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Bernstein initiated shares on November 13 with a “Market Perform” rating. Stifel Nicolaus initiated shares with a”Buy” rating and a $64 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 “Overweight” rating and a $93 price target on shares. Finally, Roth Capital maintained the stock with a “Buy” rating in a report they issued on an October 26.
The institutional sentiment decreased to 0.98 in Q2 2015. It’s down 0.40, from 1.38 in 2015Q2. The ratio turned negative, as 46 funds sold all their SolarCity Corp shares they owned while 69 reduced their positions. 31 funds bought stakes while 82 increased their total positions. Institutions now own 52.19 million shares which is 0.67% less than the previous share count of 52.54 million in 2015Q2.
Founders Fund Iv Management Llc holds 100% of its total portfolio in SolarCity Corp, equating to 986,300 shares. Srs Investment Management Llc owns 8.02 million shares representing 11.35% of their total US portfolio. Moreover, Canyon Capital Advisors Llc has 5.22% of their total portfolio invested in the company, equating to 4.45 million shares. The United Kingdom-based Rit Capital Partners Plc has a total of 3.79% of their portfolio invested in the stock. Passport Capital Llc, a California-based fund reported 3.68 million shares owned.
Since March 9, 2015, the stock had 0 insider purchases, 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 $5.64 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.