SolarCity Corp PT Raised By Baird, Canaccord

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SolarCity Corp PT Raised By Baird, Canaccord
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

Many research firms increased their price targets on SolarCity Corp (NASDAQ:SCTY) a day after the company reported its fiscal second-quarter results. The company reported a net loss of 96 cents a share on revenue of $61.334 million. Analysts expected the company to report 99 cents in losses and $63.24 million in sales. GAAP net loss stood at 52 cents a share.

SolarCity shows significant improvement in gross margins

On Friday, analysts at Canaccord Genuity raised their price target from $94 to $95. The revised price objective reflects a potential upside of about 35% from Friday’s close. SolarCity added well over 30,000 customers during the quarter. The company now has 141,034 customers, up 102% from the previous year. The company’s income was affected by rising expenses, but its gross margins improved significantly to 37.3% from 21.4% in the corresponding quarter a year ago.

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Screenshot 2022 08 10 18.57.51 1Since its founding by Will Thomson and Chip Russell in June 201