Company Update (NASDAQ:SCTY): SolarCity Corp Expands to Vermont

SolarCity Corp (NASDAQ:SCTY), America’s #1 solar power provider, is making its popular solar service available to Vermont homeowners for the first time. SolarCity will make it possible for many Vermont residents to install solar with no upfront cost and pay less for solar electricity than they pay for utility power, even without local incentives. Customers can go solar for as little as $30 per month, with design, installation, financing, insurance, monitoring and a performance guarantee included.

SolarCity began taking orders from Vermont residents today, and expects to begin installing before the end of summer. The company’s services will initially be available to customers of Burlington Electric and Green Mountain Power.

SolarCity plans to open an operations center in the Burlington area soon and has already begun to hire for local positions in installation and sales.Vermont is the 19th state where SolarCity offers service and the fifth in New England, joining Connecticut, Massachusetts, New Hampshire and Rhode Island. SolarCity employs over 1,000 people in New England. (Original Source)

Shares of SolarCity closed last Friday at $52.25. SCTY has a 1-year high of $79.40 and a 1-year low of $45.91. The stock’s 50-day moving average is $54.99 and its 200-day moving average is $55.31.

On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on August 3, Morgan Stanley analyst Stephen Byrd maintained a Hold rating on SCTY, with a price target of $93, which represents a potential upside of 78.0% from where the stock is currently trading. Separately, on July 30, Canaccord Genuity’s Jonathan Dorsheimer reiterated a Buy rating on the stock and has a price target of $76.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Byrd and Jonathan Dorsheimer have a total average return of 3.1% and -1.0% respectively. Byrd has a success rate of 60.0% and is ranked #1880 out of 3728 analysts, while Dorsheimer has a success rate of 40.7% and is ranked #2932.

The street is mostly Bullish on SCTY stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $81.75, which represents a potential upside of 56.5% 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.

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