SolarCity Corp. (SCTY) - NASDAQ
  • Tue, Jun. 21, 5:35 PM
    • Top gainers, as of 5.25 p.m.: SPU +23.1%. SCTY +22.2%. VSLR +6.4%. BCEI +6.0%. NSR +5.3%.
    • Top losers, as of 5.25p.m.: IBN -14.8%. TSLA -9.8%. ADBE -4.2%. UNT -4.1%. HPQ -3.6%.
    | Tue, Jun. 21, 5:35 PM | 2 Comments
  • Tue, Jun. 21, 5:30 PM
    • Solar City (NASDAQ:SCTY) +22.3% AH after Tesla (NASDAQ:TSLA) says in a blog post that it has made an offer to acquire the company; TSLA -10% AH.
    • TSLA proposes an exchange ratio of 0.122x to 0.131x shares of Tesla common stock for each share of SCTY, which represents a value of $26.50-$28.50/share, or a 21% premium over today's closing price.
    • TSLA says its proposal builds on a partnership between the two companies where SCTY uses TSLA battery packs as part of its solar projects.
    | Tue, Jun. 21, 5:30 PM | 496 Comments
  • Mon, Jun. 20, 11:33 AM
    • SolarCity (SCTY +3.4%) is sharply higher even as Barclays downgrades shares to Underweight from Equal Weight with a $20 price target, believing that weaker consumer credit fundamentals and higher interest rates could hurt the company.
    • The firm notes that credit card issuer Synchrony Financial recently predicted that its net charge-off rates would increase by 0.2-0.3 percentage points over the next year; given the trend, investors likely will become more worried about credit quality, concerns that could weigh on SCTY's stock price.
    • Also, Barclays expects the Fed to increase interest rates in September and thinks SCTY's sensitivity to financing costs and the long-term nature of its consumer lease portfolio make the company significantly vulnerable to rate increases.
    | Mon, Jun. 20, 11:33 AM | 46 Comments
  • Thu, Jun. 9, 10:23 AM
    • Toby Corey, formerly the COO of web design/engineering firm USWeb, has been named SolarCity's (SCTY +1.3%) president of global sales and customer experience. He'll be in charge of the solar installer's sales, marketing, and customer service teams, and report to CEO Lyndon Rive.
    • Corey replaces chief revenue officer Hayes Barnard, who will be leaving the company after a short transition period. The shakeup comes a month after SolarCity plummeted in response to a 2016 installation guidance cut. In February, the company named COO Tanguy Serra its CFO.
    • Earlier: Baird upgrades SolarCity, calls regulatory worries overdone
    | Thu, Jun. 9, 10:23 AM | 4 Comments
  • Thu, Jun. 9, 7:50 AM
    • SolarCity (NASDAQ:SCTY+4.9% premarket after Baird upgrades shares to Outperform from Neutral with a $37 target price on the belief that investors may have overreacted to concerns over regulatory issues, such as NV Energy's recent decision to cut net metering benefits.
    • The firm notes that SCTY recently announced multiple financing transactions, which should help ease concerns over the company's balance sheet and access to liquidity, and it anticipates further project cost reductions to open new markets.
    • Also, Baird believes potential module oversupply could help SCTY reduce system costs in H2.
    • "We believe negative sentiment is overdone on one of the leading U.S. rooftop installers, and think shares are attractive at current levels," Baird writes.
    | Thu, Jun. 9, 7:50 AM | 17 Comments
  • Mon, Jun. 6, 1:51 PM
    • Four days after SolarCity (SCTY +8.4%) officially announced a revamp of its solar loan offering, Credit Suisse's Patrick Jobin asserts "there are genuine advantages to both homeowners and the residential solar development companies" in a shift from solar leases/power purchase agreements (PPAs) to loans, even if "ultimate value creation could be half the potential value realized under the leasing model."
    • Jobin: "We calculate that for a typical customer in California, first year utility bill savings can be ~$261 for a solar PPA and slightly better with $272/yr savings with the loan, but with the loan becoming more advantaged over time as payments are fixed (not escalating) for 20 years. With the potential for 30% more realized savings than from a solar lease by year 5, coupled with the simple proposition that the consumer will own the system free & clear after 10 or 20 years and generate 'free' power, we expect the transition to loans will continue."
    • Also: Deutsche's Vishal Shah issued yet another bullish SolarCity note late on Friday, stating talks with management left him "incrementally more confident that SCTY remains on track to achieve its cost and cash flow break even target set for the year end." He added initial feedback for SolarCity's new loan offering "has been very positive," and that the company "is making good progress in securing financing required to achieve 2016 installation targets."
    | Mon, Jun. 6, 1:51 PM | 59 Comments
  • Thu, Jun. 2, 12:06 PM
    • SolarCity (SCTY +1.4%) has replaced its MyPower loan program for solar installations with a new program that includes fixed payment options, as well as support for shorter loan terms.
    • The program, available in 14 states, features 10-year loans with APRs starting at 2.99%, and 20-year loans with APRs starting at 4.99%. As an incentive, SolarCity will provide and install a Nest thermostat for qualifying customers.
    • The move comes less than a month after SolarCity cut its 2016 installation guidance to 1GW-1.1GW from 1.25GW. Shares are down 58% YTD.
    | Thu, Jun. 2, 12:06 PM | 32 Comments
  • Mon, May 23, 2:59 PM
    • SolarCity (SCTY +8.9%), Vivint (VSLR +5.2%), and Sunrun (RUN +4.7%) are all posting big gains on a day the Nasdaq is up just 0.3% and the 0.1%. The Guggenheim Solar ETF is up 1.8%.
    • Vivint announced today it has closed a $75M tax equity investment fund with a new (unnamed) investor. The company says the funds will allow it to install more than 45MW of residential solar systems.
    • Meanwhile, Greenbiz reports SolarCity is building a utility-scale system combining solar panels, battery-based energy storage, and a demand response management software system in Hawaii. The system features a 52MW battery, and can send 10MW-13MW to the grid each evening.
    • SolarCity was clobbered post-earnings yet again two weeks ago, after the company cut its 2016 installation guidance to 1GW-1.1GW from a prior 1.25GW (compares with 870MW in 2015). 21.7M shares (31% of the float) were shorted as of April 29.
    | Mon, May 23, 2:59 PM | 27 Comments
  • Tue, May 10, 12:47 PM
    | Tue, May 10, 12:47 PM
  • Tue, May 10, 11:14 AM
    • In accord with SolarCity's post-earnings tumble in last night's postmarket session, shares of SCTY have fallen 25.5% today and nearing 52-week lows.
    • Installation numbers looked good in the Q1 report -- but not much else following the third straight year of guidance cuts, analysts are saying.
    • Patrick Jobin at Credit Suisse has lowered the firm's price target on shares, to $38 from $62 (still 126% upside implied). He's still positive on the stock with an Outperform rating, as he notes the company seems to have to re-prove its business model time and again with various challenges continuing to pop up. The firm expected weak bookings but the cut to guidance was bigger than it expected.
    • Meanwhile, Avondale's Michael Morosi lowered his price target to $30 from $40 and downgraded shares to Market Perform. He's waiting for some strategic clarity as the company may be pivoting to a tack that implies lower growth and market share.
    • The company missed significantly on cost/watt, Morosi notes -- likely driven by taking low-margin bookings out of its backlog, but he's skeptical about costs levering meaningfully in the rest of the year. His lowered target still implies 79% upside.
    • Now read SolarCity: Musk Can't Save This One »
    | Tue, May 10, 11:14 AM | 36 Comments
  • Tue, May 10, 9:16 AM
    | Tue, May 10, 9:16 AM | 1 Comment
  • Mon, May 9, 5:40 PM
    | Mon, May 9, 5:40 PM | 3 Comments
  • Mon, May 9, 5:33 PM
    • SolarCity (NASDAQ:SCTY) has nosedived in postmarket trading, down 19.6%, after missing on profits in its Q1 and issuing guidance for Q2 well below analyst expectations.
    • Despite some "regulatory clarity," the company says it doesn't expect to make up for the decline in megawatts booked in Q1. It sees EPS of -$2.70 to -$2.80 (vs. consensus for -$2.23) and revenues of $135M-$143M total (below consensus for $152.4M).
    • It's expecting to install 185 megawatts in Q2 (down 2%) and 1.0-1.1 gigawatts in 2016 (down from the prior year's 1.25 GW).
    • Revenues grew almost 82% and installed MWs beat guidance in Q1 (thanks to an early finish on a Maryland project). But gross margins fell to 11%; operating expenses rose 54% Y/Y, to $227M.
    • The company says it's on target for a cost goal of $2.25/watt in the coming year and to hit positive cash generation by year-end even as it keeps spending on R&D and module manufacturing.
    • Shareholder Letter
    | Mon, May 9, 5:33 PM | 145 Comments
  • Mon, May 9, 4:34 PM
    | Mon, May 9, 4:34 PM | 57 Comments
  • Sun, May 8, 5:35 PM
  • Wed, May 4, 12:57 PM
    • Moving on to Elon Musk as he previews his Ira Sohn presentation for CNBC, Jim Chanos says Tesla (TSLA -4.2%) can't forecast one month out, let alone years. He finds it hard to believe the company can make money on a $35K car, and says a capital raise is "definitely" in store this year.
    • Solar City (SCTY -2.6%), he says, loses money on every installation.
    • Of Elon Musk: He hopes you forget what he talked about a year ago.
    • Previously: Chanos makes short case on Cheniere Energy and Valeant (May 4)
    | Wed, May 4, 12:57 PM | 98 Comments
Company Description
SolarCity Corp. engages in the business of renewable energy services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations. SolarCity was... More
Country: United States