SolarCity Corp. Downgraded to Neutral at JPMorgan Chase & Co. (SCTY)SolarCity Corp. (NASDAQ:SCTY) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. The analysts noted that the move was a valuation call.
SolarCity Corp. (NASDAQ:SCTY) opened at 75.11 on Tuesday. SolarCity Corp. has a one year low of $14.15 and a one year high of $79.86. The stock’s 50-day moving average is $58.26 and its 200-day moving average is $46.39. The market cap is $6.244 billion.
SolarCity Corp. (NASDAQ:SCTY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.43) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.47) by $0.04. The company had revenue of $48.60 million for the quarter, compared to the consensus estimate of $41.40 million. SolarCity Corp.’s revenue was up 52.0% compared to the same quarter last year. On average, analysts predict that SolarCity Corp. will post $-1.78 earnings per share for the current fiscal year.
In other SolarCity Corp. news, EVP Seth Weissman unloaded 7,000 shares of the company’s stock on the open market in a transaction dated Friday, January 10th. The stock was sold at an average price of $66.58, for a total transaction of $466,060.00. Following the transaction, the executive vice president now directly owns 158,777 shares in the company, valued at approximately $10,571,373. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
SolarCity Corporation (NASDAQ:SCTY) is engaged in the design, installation and sale or lease of solar energy to residential and commercial customers, or sale of electricity generated by solar energy systems to customers.