SolarCity Goes Public, Stock Price Surges Over 54%
SolarCity is energy services company that is based in San Mateo, California. The company designs and installs solar energy systems at residences, businesses, and government agencies. The company went public today and they opened at $9.25 per share. The stock price jumped around 54% so far and is now trading at $12.31. The stock was priced at $8 from the $13-$15 per share that they were initially planning. SolarCity is led by CEO Lyndon Rive and COO Peter Rive.
Elon Musk is also a co-founder of SolarCity. You may know about Elon Musk as the co-founder of PayPal and as the founder of Tesla Motors, and SpaceX. SolarCity’s revenue for the first 9 months of the year was at $103.4 million compared to $38.8 million in the same period a year ago. Their net loss for the period was $78 million compared to a loss of $56.7 million in the same period one year ago.