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Solar City (SCTY) Rises on Acquisition

  +Follow October 16, 2013 11:15AM
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Shares of the solar panel installation outlet SolarCity Corporation (SCTY) continued their ascent on Oct 16 after the company revealed they had acquired rival Zep Solar. This comes just a few days after the company raised guidance and announced they expected installations to increase 80 percent in 2014.

The sunny projections coupled with the Zep Solar buyout sent SolarCity’s stock to its all-time high. The company’s shares have risen 290 percent on the year, as SolarCity has become arguably the hottest stock in the tech sector.

This is unsurprising, as SolarCity is the brainchild of wunderkind industrialist/Wall Street golden child Elon Musk. Musk is both the Chairman of SolarCity and the CEO of electric carmaker Tesla Motors (TSLA) , whose shares have risen a whopping 443 percent this year.

The growth potential of SolarCity is beginning to dawn on investors, who have been increasingly flocking to the stock like moths to a solar-powered lightbulb. Volume on Oct 16 was four times what it normally is, with just under 12 million shares trading hands as of midday.

Particularly attractive to investors is SolarCity’s growing customer base, which increased from right over 50,000 at the end of the fourth quarter of 2012 to an estimated 82,000 as of Sept. 30.

Whether SolarCity’s shares are due to come back to Earth or are still yet to reach their apex will become clear as day when the company releases its earnings report the first week of November.

Shares of the San Mateo, Ca.-based company rose 12 percent in early trading to hit  $52.16 a share.

 

(image courtesy of Wikimedia Commons)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for SCTY
Quantheta
23 Oct 14 16:00:02
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23 Oct 14 12:32:54
RT @bespokeinvest: The biggest losers during the pullback have bounced back the most: http://t.co/6WfOBsXAVb $SPY $SCTY $SHLD $AAL $URI $I…
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wininstocks2014: Stock Charts: SCTY 54.30 Stock Charts $SCTY SolarCity Corp. http://t.co/z7H1Lk8x7J
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SCTY 54.30 Stock Charts $SCTY SolarCity Corp. (NASDAQ) Last Updated: 10/23/2014 13:33:27 SCTY Stock Chart - 1 http://t.co/7KDBEYMpLa
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23 Oct 14 11:26:34
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23 Oct 14 11:20:19
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Becky Hiu
23 Oct 14 10:49:47
$SCTY breaking out ... haha things are not working for me today.
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23 Oct 14 10:43:43
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23 Oct 14 10:43:39
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23 Oct 14 10:00:00
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23 Oct 14 09:56:27
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Cluster EMAs/MAs resistance here. Shorted 55/58 Nov CS long 50 puts. $SCTY http://t.co/f0VEJxMs4P
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Commented on StockTwits: Your $SCTY didn't participate at all in this rally... I am shorting it now http://t.co/m0yHILCf20
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Real-Time feed of company contracts, original agreements and executive updates from SolarCity $SCTY http://t.co/PcE4lYUk6i
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23 Oct 14 09:22:22
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23 Oct 14 09:17:48
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23 Oct 14 09:05:46
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23 Oct 14 09:04:38
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23 Oct 14 09:02:03
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23 Oct 14 08:55:11
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23 Oct 14 08:46:40
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23 Oct 14 08:31:51
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23 Oct 14 08:26:28
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23 Oct 14 08:08:11
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  +Follow October 16, 2013 11:15AM
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