SolarCity Corp (NASDAQ:SCTY), the top residential and commercial solar provider in the U.S., today closed a new tax equity fund to finance over $131 million in residential, commercial and military solar projects. The financing partner was not disclosed. The fund covers 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.
“This is the second tax equity fund we’ve closed during the first quarter as we continue our cash generation post-ITC extension and plan to continue our momentum,” said Radford Small, Solar City’s Executive Vice President, Capital Markets.
The solar industry installed more than 7 GW in 2015, the largest annual total ever and 16 percent above 2014, according to the newly released GTM Research U.S. Solar Market Insight 2015 report. (Original Source)
Shares of SolarCity closed today at $24.77, down $1.79 or -6.74%. The stock’s 50-day moving average is $23.55 and its 200-day moving average is $35.99.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on March 17, UBS analyst Julien Dumoulin Smith reiterated a Hold rating on SCTY, with a price target of $23, which implies a downside of 7.1% from current levels. Separately, on February 29, Deutsche Bank’s Vishal Shah maintained a Buy rating on the stock and has a price target of $49.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Julien Dumoulin Smith and Vishal Shah have a total average return of 3.1% and -17.7% respectively. Smith has a success rate of 57.1% and is ranked #1095 out of 3757 analysts, while Shah has a success rate of 30.5% and is ranked #3732.
Overall, one research analyst has rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 7 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 $41.33 which is 66.9% above where the stock opened today.
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.