SolarCity Corp (NASDAQ:SCTY) announced it has created a new fund, with a large financial institution, to finance $400 million in solar projects. America’s number one solar provider and the largest solar employer in the U.S.,SolarCity has now raised funds to finance more than $9 billion in American solar projects. The funds cover the capital cost of solar equipment and installation, making it possible for many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.
Solar project investments can deliver strong financial returns and at the same time can reduce water consumption, pollution and greenhouse gas emissions. They are also tremendous drivers of domestic job creation. According to The Solar Foundation’s “National Solar Jobs Census 2014”, the solar industry continues to exceed growth expectations, adding workers at a rate nearly 20 times faster than the overall economy and accounting for 1.3 percent of all jobs created in the United States over the past year. (Original Source)
Shares of SolarCity closed yesterday at $46.16. SCTY has a 1-year high of $75.90 and a 1-year low of $34.65. The stock’s 50-day moving average is $51.81 and its 200-day moving average is $54.64.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report released today, Morgan Stanley analyst Stephen Byrd upgraded SCTY to Buy, with a price target of $93, which represents a potential upside of 101.5% from where the stock is currently trading. Separately, on August 26, Roth Capital’s Philip Shen reiterated a Buy rating on the stock and has a price target of $98.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Byrd and Philip Shen have a total average return of 2.8% and -17.0% respectively. Byrd has a success rate of 56.3% and is ranked #1770 out of 3742 analysts, while Shen has a success rate of 21.4% and is ranked #3720.
Overall, one research analyst has assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $81.75 which is 77.1% above where the stock closed yesterday.
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.