Shares of SolarCity Corp (NASDAQ:SCTY) are trading significatly higher this afternoon after the California Public Utilities Commission voted 3-2 in favor of a policy which will greatly help the company in it’s drive to sell rooftop solar panels. The vote, which took place today, was for the approval of the continuation of the state’s net metering policy. Basically it will allow for homeowners who own rooftop solar panels to sell any excess energy back to the grid.
SolarCity Corp (NASDAQ:SCTY) began the day with a spike to close to $38 before pulling back to under $34 per share. Then at around 2 p.m. ET when news began to break about the vote, the stock shot up over $3 in a matter of minutes. Shares are down close to 30% since the start of 2016, primarily due to lower oil prices.
The stock is currently trading higher by 8.75% or $2.87 following the positive news, hitting $35.71 per share at the time of us publishing this article. About 4.74 million shares traded hands or up 5.57% from the average. SCTY has declined 43.48% since June 23, 2015 and is currently downtrending. It has underperformed the S&P500 by 34.61%.
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 74.43% above today’s ($35.71) 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 fall, 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 6 selling transactions for a total of $2.38 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 $3.36 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.