SolarCity Corp (NASDAQ:SCTY) preannounced its second quarter 2016 operating metrics and updated its full year 2016 guidance.

For the second quarter of 2016, Megawatts (MW) Installed were 201 MW, exceeding guidance of 185 MW, and MW Booked increased 40% over the first quarter of 2016 to help drive a significant improvement in Sales Cost per watt.

A range of sales process improvements and the introduction of a new loan offering began to help improve bookings in the second quarter, but residential bookings in the first half of the year were still lower than we anticipated overall. As a result, we are lowering our 2016 guidance for MW Installed to 900 – 1,000 MW, as compared to our previous guidance of 1,000 – 1,100 MW. As a result of the lower installation forecast, the company will be adjusting our fully loaded cost structure accordingly.

We anticipate two new product releases in the second half of the year that we expect to meaningfully impact MW installed in 2017. These include (1) a new, integrated solar and storage offering and (2) a new solar product focused on the 5 million new roofs installed each year in the U.S. (Original Source)

Shares of SolarCity are falling nearly 6.5% to $24.96 in pre-market trading. 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 $24.10 and its 200-day moving average is $25.13.

On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on July 22, Roth Capital analyst Philip Shen maintained a Hold rating on SCTY. Separately, on July 21, Needham’s Edwin Mok reiterated a Hold rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Edwin Mok have a total average return of -16.5% and 2.4% respectively. Shen has a success rate of 24.2% and is ranked #3994 out of 4085 analysts, while Mok has a success rate of 54.4% and is ranked #1049.

Overall, 2 research analysts have rated the stock with a Sell rating, 10 research analysts have assigned a Hold rating and 4 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 $29.00 which is 8.6% above where the stock closed last Friday.

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.