SolarCity Corp (NASDAQ:SCTY) closed a $160 million five-year term facility on Friday, January 22. BofA Merrill Lynch acted as Mandated Lead Arranger and Sole Bookrunner, and KeyBank and Silicon Valley Bank acted as Joint Lead Arrangers on the transaction.
The facility is secured by a portfolio of high quality, long-term customer systems. The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed. (Original Source)
Shares of SolarCity closed yesterday at $30.62. 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 $44.19 and its 200-day moving average is $43.81.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on January 22, Barclays analyst Jon Windham initiated coverage with a Buy rating on SCTY and a price target of $49, which implies an upside of 60.0% from current levels. Separately, on January 21, Axiom’s Gordon Johnson maintained a Sell rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Gordon Johnson have a total average return of -5.3% and 25.6% respectively. Windham has a success rate of 31.3% and is ranked #2661 out of 3593 analysts, while Johnson has a success rate of 76.1% and is ranked #13.
Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and 8 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 $68.00 which is 122.1% 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.