SolarCity Corp (NASDAQ:SCTY) EVP Seth R. Weissman unloaded 7,000 shares of SolarCity Corp stock in a transaction on Tuesday. The average price at which the shares were sold was $59.97 for a total of $419,790. Weissman now, directly holds 158,777 shares in the company, valued at approximately $9,521,857, according to the documents filed with the Securities and Exchange Commission (SEC).
Consensus rating of Buy
Various analyst firms have given their rating on the stock recently. Robert W. Baird upgraded SolarCity Corp (NASDAQ:SCTY) from a Neutral to an Outperform rating in a research note to the investors on Thursday, April 17th. Baird analysts have a price target of $75.00 on the stock. Deutsche bank analysts maintained a Buy rating on the stock, in a research note to the investors on Friday, April 4th. Separately, Raymond James analysts have revised their ratings upward from Market Perform to Outperform, in a research note to the investors on Friday March 28, assigning it a price target of $75.00, an increase from $60.74, previously.
Two investment analysts have rated the stock with a Hold rating and five have given a Buy rating. SolarCity Corp (NASDAQ:SCTY) currently has a consensus rating of Buy and a consensus target price of $76.00.
SolarCity making efforts to lower cost
SolarCity Corp (NASDAQ:SCTY) is making efforts to bring down its costs, and expect to lower them by 30% while retaining a value of $1.90/watt. The solar company is trying to lower its customer acquisition costs along with enhancing labor efficiencies to achieve the target. There are some challenges that could act as hurdles in the company’s growth plans such as increasing import tariffs on Chinese solar components, which would in turn increase the production cost. However, analysts are hoping rational steps to be taken by SolarCity if such a situation arrives.
SolarCity Corp (NASDAQ:SCTY) stock properties vary with that of Tesla Motors Inc (NASDAQ:TSLA), which gives short term profit to the investors. SolarCity is a long term stock as the industry in which the company operates is still in its nascent stage and has to cover a long distance before it matures.
On Wednesday, SolarCity shares were down 2.77% to $59.22. Year to date the stock has gained 3.26%.