SolarCity Corp (NASDAQ:SCTY) shares are soaring this week without any major news to cause the rise, besides the meetings in Paris to discuss global warming. The stock is up a staggering 16.23% since Monday’s close, and continues to show signs of additional gains. The reason for the rise besides governments pledging billions of dollars to prop up green energy technolocies, is likely due to the fact that the stock had been beaten down and oversold over the last several weeks.
SolarCity Corp (NASDAQ:SCTY) stock was trading north of $48 a share in October and as high as $60 in August. Since then the stock has been in quite a rut. As investors begin to realize the value of the company’s position within the solar energy space, shares should continue to regain some ground like they have been this week. The stock is up 6.18% or $1.94 following the news, hitting $33.33 per share. About 1.57M shares traded hands. SCTY has declined 48.68% since April 29, 2015 and is downtrending. It has underperformed the S&P500 by 48.48%.
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 92.92% above today’s ($33.33) 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 buys, and 7 insider sales 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 $3.25 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.