SolarCity Corp (NASDAQ:SCTY), the nation’s #1 solar power provider, announced today the hiring of J. Radford Small as Senior Vice President, Business Development and Investor Relations. In his new role, Radford will help execute the company’s long term growth strategy with a focus on increasing shareholder value.
Radford joins SolarCity from Goldman, Sachs & Co. where he was a Managing Director and Chief Operating Officer for the Clean Technology and Renewables group. Over his 17 year career in the Investment Banking Division at Goldman Sachs, Radford served clients across multiple areas of the energy sector including regulated utilities, independent power producers and clean technology companies. He raised over $20 billion in financing and worked on over $25 billion of mergers and acquisitions transactions.
“We are excited to welcome Radford to the team, as he has a long history with SolarCity, including leading the company’s initial public offering, multiple capital markets transactions and a tax equity investment,” said Brad Buss, CFO of SolarCity. “Radford has also led major transactions for other distributed generation companies.”
Radford holds a Bachelor of Arts degree in economics from University of California at Berkeley, a Juris Doctorate degree from Loyola Law School and Master of Laws (LLM) degree from New York University School of Law. (Original Source)
Shares of SolarCity closed last Friday at $62.59. 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 $59.15 and its 200-day moving average is $53.87.
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 represents a potential upside of 15% from where the stock is currently trading. 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 -1.4% and 27.8% respectively. Dorsheimer has a success rate of 40.4% and is ranked #3043 out of 3608 analysts, while Rusch has a success rate of 63.3% and is ranked #119.
The street is mostly Bullish on SCTY stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommend to Hold the stock. The 12-month average price target assigned to the stock is $81.75, which represents a potential upside of 30.6% 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.