SolarCity Corp (NASDAQ:SCTY) announced SunRaising, a referral program that allows nonprofit organizations to raise funds by encouraging members to adopt solar.
Nonprofits can enroll in the SunRaising program now by visiting the registration website. Each time a supporter of a specific SunRaising partner organization signs up, SolarCity will donate $200 to that organization. Homeowners who go solar through a SunRaising partner will also receive their system’s first month of power for free from SolarCity as a thank you for helping their local nonprofit.
More than 100 nonprofit organizations—including food banks, hospitals, booster clubs, community centers, schools and recreational groups—have already joined and made referrals under the SunRaising program. These referrals have led to solar energy system installations projected to offset approximately 60,000 metric tons of carbon compared to energy produced from fossil fuels. In addition, the program has helped more than 400 homeowners take the first steps towards going solar while helping to raise thousands of dollars.
One of the first SunRaising partners is Riverkeeper, an environmental organization dedicated to protecting the integrity of the Hudson River and its tributaries, as well as the watersheds that provide drinking water to New York City.
“Solar is both viable and economical for most home and business owners in New York and can play a large role in protecting one of America’s greatest rivers, the Hudson,” said Paul Gallay, President of Riverkeeper. “One of the greatest threats to the Hudson is an aging nuclear power plant so, not only does SolarCity lower New Yorker’s energy bills, but when consumers opt for solar, it plays an integral part in replacing the power from this harmful plant and others like it.”
Desert Sands Educational Foundation, a Southern California nonprofit focused on strengthening public education, also became a SunRaising partner earlier this year.
“Desert Sands Educational Foundation is excited to be a part of the amazing things SolarCity is doing to improve the world,” said Jan Diaz, Board Member of Desert Sands Educational Foundation, which has already generated 20 referrals through word of mouth and social media promotions. “SunRaising has been a great way to promote clean energy and receive funds to support the students of Desert Sands Unified School District.” (Original Source)
Shares of SolarCity closed yesterday at $31.09. SCTY has a 1-year high of $63.79 and a 1-year low of $24.07. The stock’s 50-day moving average is $44.49 and its 200-day moving average is $44.40.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on January 14, Bernstein Research analyst Hugh Wynne maintained a Buy rating on SCTY, with a price target of $62, which represents a potential upside of 99.4% from where the stock is currently trading. Separately, on December 30, Avondale’s Michael Morosi maintained a Buy rating on the stock and has a price target of $65.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Hugh Wynne and Michael Morosi have a total average return of 1.8% and -10.9% respectively. Wynne has a success rate of 57.1% and is ranked #1671 out of 3580 analysts, while Morosi has a success rate of 42.9% and is ranked #2757.
Overall, one research analyst has rated the stock with a Sell rating, 2 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 $46.00 which is 48.0% above where the stock closed yesterday.
SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.