Did Goldman Sachs Just Call The Top In SolarCity?
After warning investors back during mid-May to not fall for the hype on the soaring SolarCity (SCTY), the stock spent the next five months in a downtrend. Only recently had the stock moved slightly higher than the warning level until Goldman Sachs (GS) issued an upgrade that caused the stock to soar over 11% at one point to a new all-time high at $67.14.
SolarCity is a leader in the rooftop solar panel market and famously has Elon Musk as the Chairman of the Board. For those living under a rock, Elon is a revolutionary investor and inventor that is the CEO of both Tesla Motors (TSLA) and SpaceX. SolarCity offers solar power directly to consumers, businesses and government organizations for less than they spend on utility bills while taking care of the design and permitting process to get the panels installed. In addition, it handles all the monitoring and maintenance to ensure the rooftop solar panels continue to work properly.
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