SolarCity Corp (NASDAQ:SCTY) is expanding its service and operations in Texas by making its popular solar service available to homeowners in Austin for the first time. Customers in Austin can now go solar for as little as $50 per month, with design, installation, financing, and monitoring included. SolarCity is actively searching for locations for a new operations center—its fifth in the state.
The expansion is due in part to SolarCity’s solar loan program, launched earlier this summer. SolarCity’s loan can allow many customers to immediately pay less for their electricity generated by solar energy systems each month than they previously paid for their electricity bills, and be eligible for thousands in additional dollars from tax credits and other incentives. The company has leveraged its installation volume—SolarCity installed more residential solar in 2015 than the next 50 competitors combined—to negotiate extremely favorable terms on behalf of its customers.
SolarCity provides service to customers of Austin Energy, and also serves customers in the greater Austin area that are not customers of Austin Energy through a partnership with local retail electricity provider MP2. The unique partnership with MP2 allows SolarCity customers that use MP2 as their retail electricity provider to receive retail credit against future electricity use for any solar electricity they provide back to the utility grid during the day. (Original Source)
Shares of SolarCity closed yesterday at $18.06, down $0.38 or -2.06%. SCTY has a 1-year high of $58.87 and a 1-year low of $16.31. The stock’s 50-day moving average is $23.80 and its 200-day moving average is $24.09.
On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on August 11, UBS analyst Julien Dumoulin Smith reiterated a Hold rating on SCTY, with a price target of $25.37, which represents a potential upside of 40.5% from where the stock is currently trading. Separately, on the same day, Roth Capital’s Philip Shen reiterated a Hold rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Julien Dumoulin Smith and Philip Shen have a total average return of 2.0% and -16.0% respectively. Smith has a success rate of 49% and is ranked #1602 out of 4147 analysts, while Shen has a success rate of 25% and is ranked #4033.
The street is mostly Neutral on SCTY stock. Out of 13 analysts who cover the stock, 10 suggest a Hold rating , 2 suggest a Sell and one recommends to Buy the stock. The 12-month average price target assigned to the stock is $24.00, which implies an upside of 32.9% from current levels.
SolarCity Corp. engages in the business of renewable energy services such as, solar energy products and services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations.