UPDATE: SolarCity Extends Losses, Plunges 14.4% On Q4 Miss, Analyst Downgrade
SolarCity ( SCTY ) is down 14.4% to $16.49, almost doubling pre-market losses, after the company reported a bigger-than-expected Q4 loss, prompting analysts at Needham & Co. to downgrade their rating to a Hold from a Buy.
The shares were off their lowest levels of the day of $15.88 hit shortly after the open. The 52-week range has been from $9.20 to $20.38.
The company reported a basic loss per share of 54 cents below estimates collected by Thomson Reuters I/B/E/S of 44 cents on that basis.
Total revenue grew 22% to $25.3 million from $20.7 million. Analysts had expected revenue of $36.67 million.