SolarCity Corp (NASDAQ:SCTY), America’s number one solar power provider, today announced the appointment of Toby Corey as president of global sales and customer experience. Mr. Corey will oversee SolarCity’s sales, marketing and customer service organizations in his new role, and report to CEO Lyndon Rive.
Mr. Corey returns to reprise an extremely successful tenure at the company. As head of sales and marketing organizations in 2012 and 2013, he dramatically increased SolarCity’s sales, and reduced its customer acquisition cost to a record low of 41 cents per watt in the third quarter of 2013, his last with the company.
“Toby is a phenomenal executive, one of the best I’ve ever worked with, and he’s incredibly passionate about climate change and creating the perfect customer experience,” said SolarCity CEO Lyndon Rive. “He knows our business extremely well and was incredibly successful in his time here, and he has a strong track record of helping global organizations achieve even greater levels of success. He’s the perfect candidate to lead our sales and services organization as we work to balance growth and profitability.”
Prior to his tenure at SolarCity, Mr. Corey co-founded USWeb/CKS, and, as president and COO, grew the company into the world’s largest Web development firm, with a quarter of the Fortune 100 among its customer base. Prior to USWeb, he served as vice president of Novell’s $1.2 billionNetWare systems business. Mr. Corey teaches a course on entrepreneurship at Stanford University, and has also served on the board of directors of WildlifeDirect.org, where he has worked with Chairman Dr. Richard Leakey on efforts to preserve species diversity.
“I’ve never been more excited about SolarCity’s potential than I am today,” said Corey. “SolarCity is the undisputed leader in rooftop solar, and I’ll be laser focused on creating the perfect customer experience.”
Mr. Corey takes over for Chief Revenue Officer Hayes Barnard, who is retiring from SolarCity after a brief transition period. Mr. Barnard and his team helped SolarCity triple annual installations from approximately 287 megawatts in 2013 to approximately 869 megawatts in 2015. He also launched the GivePower Foundation, where as president he oversaw the Foundation’s work to provide renewably-powered lighting to more than 1,600 schools and medical facilities in the developing world. (Original Source)
Shares of SolarCity are up over 4% to $24.10 in after-hours 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 $24.54 and its 200-day moving average is $30.06.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report released today, Robert W. Baird analyst Ben Kallo upgraded SCTY to Buy, with a price target of $37, which represents a potential upside of 60.4% 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 4.3% and -15.1% respectively. Kallo has a success rate of 49.1% and is ranked #803 out of 3903 analysts, while Jobin has a success rate of 34.1% and is ranked #3778.
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 18.5% 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.