Stock Update (NASDAQ:SCTY): SolarCity Corp Expands to Rhode Island


SolarCity Corp (NASDAQ:SCTY), America’s #1 solar power provider, will make it possible for many Rhode Island homeowners to install solar with no upfront cost and pay as much as 20 percent less by going solar than they pay the utility. SolarCIty is making its popular MyPower solar loan available in Rhode Island for the first time. SolarCity expects the unique solar loan to immediately become the most affordable residential solar power option in the state.

MyPower loan payments are based on the production of the solar energy system, just like a solar power purchase agreement (PPA). Unlike a PPA, the homeowner retains ownership of the solar panels. SolarCity’s affordable solar power options have made it the number one choice among American consumers—the company is currently providing one out of every three new solar energy systems in the U.S.

Initially, homeowners in ten towns in the National Grid territory will have access to SolarCity’s services: Coventry, Cranston, Cumberland, East Providence, Johnston, North Providence, South Kingstown, Warwick, West Warwick and Woonsocket. Residents outside of the initial service area can sign up to be alerted as soon as service is available to their homes. Rhode Island is the 18th state where SolarCity offers service and the fourth in New England, joining Connecticut, Massachusetts and New Hampshire.

SolarCity is currently in negotiations for its first Rhode Island operations center. This location is expected to open in the coming months and SolarCityhas already begun posting jobs on its website. Candidates interested in employment opportunities in the region can review available positions and contact SolarCity directly via its online jobs form at www.solarcity.com/jobs. (Original Source)

Shares of SolarCity closed last Friday at $58.25 . 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 $60.65 and its 200-day moving average is $54.39.

On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on May 7, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on SCTY, with a price target of $72, which implies an upside of 23.6% from current levels. Separately, on May 6, Northland Securities’ Colin Rusch reiterated a Buy rating on the stock and has a price target of $68.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Dorsheimer and Colin Rusch have a total average return of -1.0% and 27.1% respectively. Dorsheimer has a success rate of 40.0% and is ranked #2968 out of 3612 analysts, while Rusch has a success rate of 60.0% and is ranked #146.

In total, one research analyst has assigned a Hold rating and 5 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 $81.75 which is 40.3% above where the stock closed last Friday.

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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