Following trading this afternoon, SolarCity Corp (NASDAQ:SCTY) announced that they will be making a couple of excutive changes. Current CFO Brad Buss will be retiring in February of next year, following the reporting of the company’s fiscal 2015 numbers. Additionally, Chief Operating Officer Tanguy Serra will be stepping in at a new position as President of the company.
“Tanguy has a rare combination of experience in solar operations and finance, and he has a unique understanding of finance and operations at SolarCity,” said Lyndon Rive, CEO of Solar City. “As COO, Tanguy has significantly reduced the cost of our operations while maintaining strong growth, and his increased responsibilities as President will put him in a position to accelerate those trends.”
Serra first joined the company as an executive Vice President in May of 2013 before a promotion to COO in February of 2014.The stock increased 1.28% or $0.36 during the last trading session, hitting $28.57. About 2.71 million shares traded hands. SCTY has declined 52.26% since April 22, 2015 and is downtrending. It has underperformed by 51.25% the S&P500.
Out of 13 analysts covering SolarCity (NASDAQ:SCTY), 6 rate it “Buy”, 1 “Sell”, while 6 “Hold”. This means 46% are positive. $98 is the highest target while $48 is the lowest. The $64.30 average target is 125.06% above today’s ($28.57) stock price. SolarCity was the topic in 21 analyst reports since July 24, 2015 according to StockzIntelligence Inc. Bernstein initiated the stock on November 13 with “Mkt Perform” rating. Stifel Nicolaus initiated it with “Buy” rating and $64.0 target price in a September 24 report. Goldman Sachs downgraded the shares of SCTY in a report on October 30 to “Neutral” rating. Morgan Stanley upgraded the firm’s rating on August 27. Morgan Stanley has “Equal-Weight” rating and $93 price target. Finally, Robert W. Baird downgraded the stock to “Neutral” rating in an October 30 report.
The institutional sentiment increased to 1.38 in Q2 2015. Its up 0.11, from 1.27 in 2015Q1. The ratio increased, as 47 funds sold all SolarCity Corp shares owned while 53 reduced positions. 42 funds bought stakes while 96 increased positions. They now own 52.54 million shares or 18.94% more from 44.18 million shares in 2015Q1.
Founders Fund Iv Management Llc holds 100% of its portfolio in SolarCity Corp for 1.25 million shares. First Trust Bank Ltd. owns 220,000 shares or 21.65% of their US portfolio. Moreover, Srs Investment Management Llc has 12.87% invested in the company for 8.00 million shares. The United Kingdom-based Rit Capital Partners Plc has invested 4.9% in the stock. Canyon Capital Advisors Llc, a California-based fund reported 3.03 million shares.
Since March 9, 2015, the stock had 0 insider buys, and 7 sales for $3.07 million 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 $2.87 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.