SolarCity Corp. Downgraded to Neutral at JPMorgan Chase & Co. (SCTY)

Posted by Kristian Gore on Jan 21st, 2014 // No Comments

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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 company’s 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.

Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank initiated coverage on shares of SolarCity Corp. in a research note to investors on Thursday, January 16th. They set a “buy” rating and a $90.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of SolarCity Corp. from $71.00 to $81.00 in a research note to investors on Thursday, January 9th. They now have an “outperform” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. upgraded shares of SolarCity Corp. from a “neutral” rating to a “conviction-buy” rating in a research note to investors on Monday, January 6th. They now have a $80.00 price target on the stock, up previously from $65.00. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $76.83.
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 systems to residential and commercial customers, or sale of electricity generated by solar energy systems to customers.