Earlier today Baird said that the company has largely eliminated self-funding concerns, the Fly reports. SolarCity has struggled to pay for projects as its cash fell to $146 million in June from $421 million in 2015.
However, the company announced yesterday that it received $305 million from a private investment firm to help pay for its solar projects.
Following the announcement, Baird said that investors in both SolarCity and in its potential buyer Tesla (TSLA) should have renewed confidence that SolarCity can one day be self-funded.
The firm maintained a "neutral" rating and $25 price target on shares of the San Mateo, CA-based renewable energy company.
More than 4.82 million shares of SolarCity have traded so far today vs. the 30-day average volume of 3.1 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: SCTY