For the second quarter the solar energy company reported a loss of -96 cents a share, beating the Capital IQ Consensus Estimate of a loss of -99 cents a share by 3 cents. Revenue grew 61.6% year-over-year to $61.33 million for the quarter, below analysts' estimates of $63.24 million.
SolarCity said it deployed 107 MW of solar systems in the quarter, a 102% increase from the year-ago quarter. The company expects to deploy 135 MW to 150 MW of solar systems in the third quarter.
JPMorgan raised its price target for SolarCity to $83 Friday morning.
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TheStreet Ratings team rates SOLARCITY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SOLARCITY CORP (SCTY) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its poor profit margins, weak operating cash flow, generally high debt management risk and feeble growth in its earnings per share."