SolarCity continues its relentless upward march
- Jon Xavier
- Web Producer- Silicon Valley Business Journal
- Email | Twitter | Google+
The solar installer posted a rosy outlook earlier this week, and it's stock has been climbing ever since. Today, it finished up another 26 percent, at $45. All told the company's stock price has climbed by 95 percent in the past 3 months.
Monday's Q1 earnings release was mixed, with a 21 percent increase in sales to $30 million but a corresponding increase in the amount spent installing solar panels drove the company's loss to $31 million.
However, SolarCity did release positive customer growth projections, saying it expects its installations to grow 60 percent this year to 250 Megawatts.
All of which probably comes as good
news to Elon Musk, a large shareholder in SolarCity and a cousin of its founder,
Lyndon Reeve. With the run
up in stock price between SolarCity and his own Tesla Motors, Musk
cleared more than a half billion dollars in May.
Companies: SCTYJon Xavier is Web Producer at the Business Journal. His phone number is 408.299.1826.
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