SolarCity Corp (NASDAQ:SCTY) announced yesterday that it is going to expand to seven more states by opening 20 new operation centers. The seven states in which the company is expanding into are Arizona, California, New York, Delaware, Maryland, Nevada and Massachusetts. Elon Musk being the largest shareholder in the company, surely gives SolarCity Corp (NASDAQ:SCTY) the confidence to take bold steps to fuel its growth. After the announcement yesterday, SolarCity Corp (NASDAQ:SCTY)’s stock rose considerably. TheStreet‘s Jonathan Marino today discussed SolarCity Corp (NASDAQ:SCTY)’s performance making it its ‘Chart of the Day’.
“SolarCity Corp (NASDAQ:SCTY)’s stock is up nearly 50% over the last three months, the solar energy company has stayed off bad news after its IPO. Company won’t be cashflow positive this year and may have to do a secondary to fund off operations, but at least SolarCity Corp (NASDAQ:SCTY) ‘s operations are growing […],” Marino said.
Marino informed that the company is going to expand to both east and west coast of continental U.S., which sent its shares up 5% yesterday. He also mentioned that SolarCity Corp (NASDAQ:SCTY) had said that departure of its erstwhile CFO a month ago is not going to impact the company in any significant way. He feels that is because the company is poaching executives from its competitors. Even though the company’s stock is up 25% this year it is still well below its $86 level high that it made in late February this year.
SolarCity Corp (NASDAQ:SCTY) expects to create nearly 600 new jobs in the seven states that it is expanding into. The company is also trying to decrease its costs by reducing the time it takes for service and installation drive. SolarCity Corp (NASDAQ:SCTY) has also announced that in the next two years it is planning to build one of world’s largest solar panel factories in the state of New York.
As of June 30, 2014, Kenneth Tropin’s Graham Capital Management owns 27 million shares in SolarCity Corp (NASDAQ:SCTY), making it the largest shareholder in the company.