Boston, MA 05/20/2013 (wallstreetpr) – Friday’s trading session saw SolarCity Corp (NASDAQ:SCTY) climbing up by 26.09%. It opened at a price of $37.20 which reached an intraday high of $46.50 before heading down to close at $36.00 per share. In excess of 7.86 million shares exchanged hands in the previous trading session, which was above the average volume of 1.45 million that was measured over a 30-day period.
Currently there is a large amount of short interest in SCTY. This is natural for any unprofitable experimental company which has seen its stock value triple since the beginning of the year. Solar stocks are doing fairly well. However, SolarCity Corp (NASDAQ:SCTY) is still not a very well-known company. Shorters see a good risk reward in shorting of a high-growth, no-cash Company. Despite this, the good news generally has a disproportionate positive effect on the stock that has a large short interest.
SCTY is involved in designing, installing, selling or leasing solar energy systems to commercial and residential. It may also sell the electricity that has been generated by solar energy systems to its customers. SolarCity Corp (NASDAQ:SCTY)’s solar energy products include and SolarLease, Solar Energy Systems as well as power purchase agreement finance products. Its energy-efficiency services and products include energy efficiency upgrades and home energy evaluation. SolarCity sells home-energy efficiency evaluations to new and existing customers of new solar energy systems. The other energy services and products that the company has include energy storage and electric vehicle charging. It also sells renewable energy to its numerous customers.
