SolarCity Corp (NASDAQ:SCTY) shares fell slightly today after the company announced that they would be cutting 550 jobs in the state of Nevada. This move comes after the Nevada public utilities commission decided to pay solar-power users less for their energy that they had previously received, while also increasing monthly fees for solar-panel users.
This did not set well with SolarCity Corp (NASDAQ:SCTY), who previously threatened to stop the sale of solar panels and installation in the state altogether, in order to help convicne the commission to reverse their changes. Now, that threat has turned to action as the company says they are elminating a large amount of jobs in the state. It should be intersting to see if the state reacts to this move or not. The stock is down 0.73% or $0.37 following the news, hitting $50.07 per share. Approximately 1.61 million shares traded hands. SCTY shares have declined 16.78% since June 2, 2015 and are currently downtrending. It has underperformed the S&P500 by 12.09%.
From a total of 15 analysts covering SolarCity (NASDAQ:SCTY) stock, 10 rate it a “Buy”, 1 a “Sell”, and 4 a “Hold”. This means that 67% 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 $71.69 which is 43.18% above today’s ($50.07) stock price. SolarCity was the topic of 26 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Morgan Stanley maintained shares on December 21 with a “Overweight” rating. Stifel Nicolaus initiated shares with a”Buy” rating and a $64.0 target share price in their report from a September 24. TH Capital maintained SCTY stock in a recent report from December 16 with a “Buy” rating. Cowen & Co initiated the rating on August 25. Cowen & Co has a “Market Perform” rating and a $50 price target on shares. 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 is 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 $4.92 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.