SolarCity Reports Q1 Loss, Shares Plunge in Aftermarket Hours (SCTY)
The U.S.’s second largest solar panel company in terms of market capitalization, SolarCity Corp. (NASDAQ: SCTY) reported late on Monday that it swung into a loss in its fiscal first quarter as costs for installing solar system rooftops soared while charges remained almost flat.
For the fiscal first quarter, the San Mateo, California-based Company, which went public in December, reported a loss of $31 million or 41 cents a share compared to a net income of $2.76 million or 4 cents a share, in the same quarter of last year. Analysts’ consensus estimate was for a loss of 32 cents a share. Sales during the quarter soared 21% to $30 million.
On May 4, analysts at equity research firm, Ativo Research Limited initiated coverage on the stock with “most unfavorable” rating. Earlier on May 2, analysts at Goldman Sachs downgraded the stock to “neutral” from “buy” rating but revised price target to $23 from $20 a share. Separately, analysts at Needham & Company slashed their rating on the stock to “hold” from “buy” rating on March 7 and set a price target of $18 a share from $17 a share.
While four equity research firms have assigned “hold” rating on the stock, three firms maintain a “buy” rating. On average, the stock has “hold” rating and price target of $19.17 a share.
Shares slumped 11.79% to $31.65 in extended trading hours on Monday after rallying almost 25% in regular trading hours.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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