SolarCity Corp (NASDAQ:SCTY) Proves To Be A Multi-Bagger
SolarCity Corp (NASDAQ:SCTY) had its Initial Public offering in December. The company stock has risen 5-fold since that time and expects to increase its annual installed-capacity by around 90% in 2014. In a statement, the company said that it has plans of deploying 475MW-525MW of photo-voltaic projects next year, which will be an increase from the projected 278 MW this year.
There has been a boost in demand for residential solar-projects that have SolarCity Corp (NASDAQ:SCTY) financing. Other companies like Sungevity and Sunrun have also reported more demand for their products. These companies install numerous rooftop projects at almost zero cost to their customers. California is the topmost market for solar energy products and 68% of the new residential-projects have solar energy installations that have been fitted via arrangements such as these in the Q2 in comparison with the 48% that it stood at in the previous years, said the Solar Energy Industries Association.
In Friday’s trading, SolarCity Corp (NASDAQ:SCTY) rose by 23.09%. The opening price of the shares was $42.00, which climbed to an intraday high of $48.13 and dipped to a close of $47.18. Approximately 17.81 million shares were traded on Friday while an average volume of 3.88 million shares were traded over a 30 day period. The 52-week low of SolarCity Corp (NASDAQ:SCTY) shares is $9.20 and its 52-week high is $52.77. The company has a market capitalization of $3.55 billion.
About the company
SolarCity Corp (NASDAQ:SCTY) is involved in designing, installing and selling or leasing solar energy systems to commercial and residential customers. The company also sells electricity that has been generated by solar-energy systems to various customers. Its solar-energy products include Solar-Energy Systems, and Solar Lease as well as power-purchase agreement and finance products. SolarCity Corp (NASDAQ:SCTY)’s energy-efficient services and products include home energy-evaluation and energy-efficiency upgrades