SolarCity Corp (NASDAQ:SCTY) and Whole Foods Market, Inc. (NASDAQ:WFM) are proud to announce a plan to install solar power systems on locations across the United States. The plan aims to increase the production of solar power and offset some need for traditional grid power while helping Whole Foods Market (WFM) save money.
In total, WFM plans to retrofit up to 100 stores with rooftop solar. SolarCity, America’s #1 solar power provider, will deliver solar power services for many stores across the Whole Foods Market portfolio, in locations such as Connecticut, New Jersey and New York. SolarCity will custom design each solar power system to maximize the amount of grid power offset and expects to begin installation this spring. WFM will also save money with the new solar installations by purchasing power from SolarCity at a discount to current electricity costs, locking in low solar energy rates for years into the future. Once completed, these solar power systems are expected to place Whole Foods Market within the top 25 corporate solar users in the nation.
Direct Energy Business offers managed products with advisory services for a total energy strategy, and has a relationship with Whole Foods Market in some of their stores. Solar is integrated into that strategy as part of a collaboration to provide solar electricity directly to businesses through a dedicated investment fund established by Direct Energy and SolarCity. (Original Source)
Shares of SolarCity closed yesterday at $24.19. SCTY has a 1-year high of $63.79 and a 1-year low of $16.31. The stock’s 50-day moving average is $25.21 and its 200-day moving average is $37.42.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on February 23, J.P. Morgan analyst Paul Coster downgraded SCTY to Hold, with a price target of $29, which implies an upside of 19.9% from current levels. Separately, on February 11, Oppenheimer’s Colin Rusch reiterated a Buy rating on the stock and has a price target of $54.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Paul Coster and Colin Rusch have a total average return of -7.1% and 12.7% respectively. Coster has a success rate of 43.3% and is ranked #3530 out of 3698 analysts, while Rusch has a success rate of 49.0% and is ranked #215.
The street is mostly Bullish on SCTY stock. Out of 13 analysts who cover the stock, 7 suggest a Buy rating , 5 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $50.50, which represents a potential upside of 108.8% from where the stock is currently trading.
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.