SolarCity Corp (NASDAQ:SCTY) is expanding its Maryland operations with a new 20,000 square foot operations center in Upper Marlboro. The new operations center—SolarCity’s fifth in Maryland—brings new jobs to the area and allows the company to install and service customers in the Annapolis area and Southern Maryland.
“I had the opportunity to visit SolarCity’s Beltsville facility in 2012, and I’m very pleased that they are continuing to expand their operations inMaryland with the opening of a new center in Upper Marlboro,” said Congressman Steny Hoyer. “It is critical that we invest in clean and affordable energy, and SolarCity is helping to make it easier for consumers to switch to cleaner energy. I am also proud that SolarCity is providing new opportunities for energy sector jobs and assisting consumers with installing solar technology for Fifth District residents and all Marylanders.”
“I am pleased to welcome a new SolarCity operation center to Prince George’s County,” said Prince George’s County Executive Rushern L. Baker, III. “SolarCity is an example of the type of jobs and industries my Administration has been targeting to bring to the County. I look forward to working with SolarCity to increase their footprint and job opportunities for County residents.”
Maryland State Senator Doug Peters also welcomed SolarCity’s new operations center in Maryland’s 23rd legislative district. Senator Petersstated, “I am excited about the jobs that will come to this area with this new center and the enhanced access to alternative energy sources for my constituents.”
SolarCity, the nation’s #1 solar power provider, makes it possible for many Maryland homeowners to install solar panels for no upfront cost and pay less for solar electricity than they pay for electricity from the local utility. SolarCity can install solar for Maryland residents for no money out of pocket and show immediate savings—with system design, installation, monitoring, insurance, and a performance guarantee included.
SolarCity currently employs more than 75 staff at the new facility—and has more than 100 open positions across the state. Open positions include installers, sales, electricians and engineers. SolarCity now employs nearly 1,000 staff in Maryland. (Original Source)
Shares of SolarCity closed yesterday at $21.07, up $0.56 or 2.73%. 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 $22.89 and its 200-day moving average is $29.77.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on June 9, Baird analyst Ben Kallo upgraded SCTY to Buy, with a price target of $37, which represents a potential upside of 76% from where the stock is currently trading. Separately, on June 7, Credit Suisse’s Patrick Jobin maintained a Buy rating on the stock and has a price target of $38.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ben Kallo and Patrick Jobin have a total average return of 2.9% and -16.4% respectively. Kallo has a success rate of 44.1% and is ranked #986 out of 3971 analysts, while Jobin has a success rate of 25.6% and is ranked #3774.
Overall, one research analyst has rated the stock with a Sell rating, 7 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 $27.33 which is 29.7% 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.