SolarCity Corp (NASDAQ:SCTY) has unveiled a new solar loan program—available in 14 states -that will allow many customers to immediately pay less for solar each month than they previously paid for utility bills and pocket thousands in additional dollars from applicable tax credits. The company has leveraged its installation volume—SolarCity installed more residential solar in 2015 than the next 50 competitors combined—to negotiate extremely favorable terms on behalf of its customers.
“We can now offer a loan that makes it possible for many customers to pay less for solar from day one, and still receive thousands back in tax credits on top of that,” said SolarCity CEO Lyndon Rive. “This program will allow thousands of additional customers across the U.S. to install solar this year and start saving money immediately, and we expect to work with multiple lenders that will allow us to expand to several new states by the end of the month with the same great terms for our customers.” (Original Source)
Shares of SolarCity closed yesterday at $21.41, down $0.98 or -4.38%. SCTY has a 1-year high of $61.72 and a 1-year low of $16.31. The stock’s 50-day moving average is $25.52 and its 200-day moving average is $30.25.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on May 27, Deutsche Bank analyst Vishal Shah maintained a Buy rating on SCTY, with a price target of $32, which represents a potential upside of 49.5% from where the stock is currently trading. Separately, on May 24, Axiom’s Gordon Johnson maintained a Sell rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vishal Shah and Gordon Johnson have a total average return of -23.9% and 15.3% respectively. Shah has a success rate of 23.0% and is ranked #3893 out of 3896 analysts, while Johnson has a success rate of 66.0% and is ranked #110.
Overall, one research analyst has rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and 6 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 $22.50 which is 5.1% above where the stock closed yesterday.
SolarCity Corp. engages in the business of renewable energy services such as, solar energy products and services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations.