SolarCity Corp CEO, EVP Sold Shares

Two of the executives of SolarCity Corp (NASDAQ:SCTY) recently reduced their stake in the company based on regulatory filing submitted with the Securities and Exchange Commission (SEC).

Lyndon Rive, the chief executive officer of SolarCity Corp (NASDAQ:SCTY) sold 76,725 shares at an average price of $70.76 per share on Friday. The total amount of the same was $5,429,061. Based on his filing, Rives indirect beneficial ownership were 648,649 shares by Family Trust and 2,000,000 shares by LLC following the transaction.

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The company’s EVP Seith Weissman also unloaded 7,000 shares at an average price of $70.80 per share on the same day. The total value of the sale of the shares of SolarCity Corp (NASDAQ:SCTY) he sold was $495,600. Weissman still owns 158,777 shares in the company after the transaction.

Analysts’ ratings on SolarCity

Last month, the analysts at Roth Capital raised their price target for the shares of SolarCity Corp to $80 from $60 per share.

In May, Robert W. Baird increased their price target for the stock to $80 from $75 per share while Raymond James reiterated its Outperform rating for SolarCity Corp (NASDAQ:SCTY) with a $75 price target.

Two other financial research firms recommended a Hold rating for the stock and six others have a Buy rating. The average rating and price target for SolarCity Corp (NASDAQ:SCTY) is Buy and $79.25 per share, respectively.

Recent acquisition

Last month, SolarCity Corp (NASDAQ:SCTY) acquired Silevo, a solar panel technology and manufacturing company. The company also disclosed its plan to build one of the largest solar panel production plants worldwide. Following its announcement, the shares of the company surged 17% to $64.53 per share at the time.

SolarCity Corp (NASDAQ:SCTY) explained that its intention in purchasing Silevo is to “combine the best photovoltaic technology with massive economies of scale to achieve a breakthrough in the cost of solar power.”

Today, the stock price of SolarCity Corp (NASDAQ:SCTY) is trading $71.18 per share, up by nearly 1% around 3:42 in the afternoon in New York. Over the past 52 week-range, the stock price of the solar panel company climbed from $28.31 to $88.35 per share.