SolarCity Corporation (SCTY) Stock | Leads Solar Sector

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SolarCity Corp (NASDAQ: SCTY)

 

Solar Stocks Rise After Paris Climate Change Agreement

After historic meetings in Paris concluded over the weekend, Solar stocks are amongst the leaders in the market on Monday. SCTY is up nearly 12%, SPWR up 8%, and FSLR up nearly 6%.  The meetings held in Paris concluded with a historic climate-change agreement which had 195 nations agree to reduce their greenhouse gas emissions. The results from the meetings are being viewed as a huge opportunity for the whole Solar sector moving forward. As one Credit Suisse analyst commented “the clear result (of the Paris Agreement) is that the energy balance will shift overtime from fossil fuel sources to a mix of nuclear and renewables — solar and wind power.” Investors.com SolarCity is one of the leaders in the solar industry,  as it provides approximately one out of every three solar systems in the U.S. It is poised to take big advantage of this news moving forward.

 

SCTY Technical Analysis

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SCTY opened yesterday at $37.10, and climbed to highs of $42, a 13% increase in price based on the Paris meetings, which gave the whole solar sector a boost. SCTY has been on an impressive run over the past month, climbing off of its 52 week low price of $24.07 on November 11th. This makes that a 75% increase in price based on Monday’s high of $42. The next significant resistance level for SCTY would come at $50. A triple top formed at the $50 price level reached on September 3rd, 8th and October 9th. It will be interesting to see in the coming days if this move up has enough steam to break through the resistance at $50. SCTY does have a float of 49.87 million shares and is trading 1.25 times the normal daily trading volume.

 

Company Profile   

SolarCity Corporation (SolarCity), incorporated on June 21, 2006, sells renewable energy. The Company integrates the sales, engineering, installation, monitoring, maintenance and financing of its distributed solar energy systems. It offers long-term energy solutions to residential, commercial and government customers. It offers its customers the option to either purchase and own solar energy systems or to purchase the energy that its solar energy systems produce through various contractual arrangements. The Company installs solar energy system at its customer’s premises and charge the customer a monthly fee for the power that its system produces. The Company’s wholly owned subsidiary, Zep Solar, Inc. (Zep Solar) licenses its Zep Groove technology to photovoltaic module and power electronics manufacturers, and supplies the Company with complementary mounting and grounding hardware. As of December 31, 2014, the Company served customers in 15 states and the District of Columbia, United States. The Company is engaged in sales and marketing activities through direct outside sales force, call centers, door-to-door sales force, channel partner network and solar ambassador program. Its primary solar panel suppliers include Canadian Solar Inc., Trina Solar Limited, Yingli Green Energy Americas Inc., AUO Green Energy America Corp. and Suniva, Inc. The Company’s primary inverter suppliers are Power One Renewable Energy Solution, SolarEdge Technologies, Inc., Fronius USA, LLC, Advanced Energy Renewables Inc. and Solectria Renewables, LLC.  Reuters

 

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