SolarCity Corp (NASDAQ:SCTY) announced that it has launched residential solar service in Utah, and is actively recruiting sales representatives, permitting and installation services roles in the Salt Lake Valley. SolarCity continues to seek applicants for more than 100 corporate support roles at its temporary offices downtown Salt Lake City and Draper. Construction of the new regional corporate headquarters in the Vista Station development in Draper is scheduled to be completed in December, 2016.
SolarCity’s solar power systems capture energy from the sun and convert it into electricity to power homes. Utah residents can buy their systems from SolarCity or choose 10-year or 20-year loan options with monthly payments starting as low as $50 per month. All options include design and local installation, monitoring and a performance guarantee. With the loan options, customers can prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties. SolarCity will also provide and install a Nest Learning Thermostatat no additional cost for qualifying customers.
Utah is one of the fastest growing solar states—ranked 7th in 2015, up from 31st in 2013—according to 2015 U.S. Solar Market Insight report byGTM Research/SEIA. SolarCity made a long term commitment to the Beehive State last summer by announcing a regional corporate headquarters in Utah where the company plans to hire thousands over the next decade. (Original Source)
Shares of SolarCity closed yesterday at $24.52, up $0.72 or 3.03%. 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 $22.71 and its 200-day moving average is $27.14.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on July 7, Roth Capital analyst Gerry Sweeney reiterated a Hold rating on SCTY. Separately, on July 1, Credit Suisse’s Patrick Jobin downgraded the stock to Hold and has a price target of $27.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gerry Sweeney and Patrick Jobin have a total average return of -1.6% and -16% respectively. Sweeney has a success rate of 45.5% and is ranked #2964 out of 4038 analysts, while Jobin has a success rate of 31% and is ranked #3847.
The street is mostly Neutral on SCTY stock. Out of 16 analysts who cover the stock, 10 suggest a Hold rating , 4 suggest a Buy and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $25.00, which represents a slight upside potential from current levels.
SolarCity Corp. engages in the business of renewable energy 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.