SolarCity Corp. (NASDAQ: SCTY) will report its fourth-quarter financial results Wednesday after the markets close. Thomson Reuters has consensus estimates of -$1.27 in earnings per share (EPS) on $71.75 million in revenue. In the fourth quarter of the previous year, the company reported -$0.46 in EPS and revenue of $47.30 million.
The company has come back from recent lows in mid-January for a couple of reasons. First, oil went back above $50, which matters when many investors consider alternative energy a leveraged bet on fossil fuel prices. Then the new 2016 budget from President Obama added some help for solar and alternative energy as well.
SolarCity saw a drop of 28.7% in short interest in the two-week period to January 30. Some 10.3% of the stock, or 3.9 million shares, are short, and days to cover fell to two.
The company had a couple of analysts make calls on it in January. Raymond James reiterated a Positive rating for SolarCity, though no price target was listed with this call. Its previously listed price target was $75.00. Canaccord Genuity had a Buy rating and lowered its price target to $64.00 from $87.00.
Over the fourth quarter, the 50-day moving average acted as strong resistance. However, at the beginning of February, SolarCity shares crossed over that moving average and they are currently testing the 200-day moving average. The 50-day moving average is $52.34 and the 200-day moving average is $58.36.
ALSO READ: 4 Clean Technology Stocks to Buy as Huge Growth Continues
Overall, more growth appears to be coming. Bloomberg reported that U.S. investment in clean energy rose from $48 billion in 2013 to $52 billion in 2014. Only China sunk more investment into clean energy last year, $89 billion in 2014. Globally, clean energy investment rose to $310 billion, the second highest total on record, behind only 2011’s $318 billion.
In anticipation of earnings, shares of SolarCity were flat at $58.21 midday in Tuesday’s trading session. The stock has a consensus analyst price target of $84.89 and a 52-week trading range of $45.79 to $88.35.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.