Shares of SolarCity Corp (NASDAQ:SCTY) have taken quite a hit this morning in pre-market trading, after the company released their fourth quarter results as well as their forward looking guidance, seemingly to the disappointment of investors. The stock is trading down 30.4% in the pre-market this morning.
SolarCity Corp (NASDAQ:SCTY) stated that they installed 870 megawatts of solar panels in the last year, which is 73% more than they did the year prior. While this number would seem to be quite an achievement, investors note that the company predicted that they would sell between 878 and 898 megawatts last year. This isn’t the only area in which the company missed estimates.
The company also missed estimates for their fourth quarter 2015 installations of solar panels, installing just 272 compared to the previous estimate of between 280 and 300.
For the first quarter of 2016, SolarCity Corp (NASDAQ:SCTY) expects to see losses of between $2.55 and $2.65 per share. This fell well short of analysts expectations of just a $2.36 per share loss. The stock decreased 5.69% or $1.59 during the last trading session, hitting $26.35. Approximately 407,383 shares traded hands. SCTY shares have declined 50.48% since July 7, 2015 and are currently downtrending. It has underperformed the S&P500 by 41.01%.
From a total of 14 analysts covering SolarCity (NASDAQ:SCTY) stock, 9 rate it a “Buy”, 1 a “Sell”, and 4 a “Hold”. This means that 64% of the ratings are positive. The highest target price is $124 while the lowest target price is $48. The mean of all analyst targets is $72.92 which is 176.74% above today’s ($26.35) stock price. SolarCity was the topic of 27 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Morgan Stanley maintained shares on December 21 with a “Overweight” rating. Cowen & Co initiated shares with a”Market Perform” rating and a $50 target share price in their report from an August 25. TH Capital maintained SCTY stock in a recent report from December 16 with a “Buy” rating. Finally, Oppenheimer maintained the stock with a “Outperform” rating in a report they issued on an October 30.
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 buys, and 4 selling transactions for a total of $1.21 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 $2.43 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.