Shares of SolarCity Corporation (SCTY) are trading higher by nearly 10% to $33.30 in late morning trading on Wednesday after San Francisco Board of Supervisors passed legislation to require solar panels on new residential and commercial buildings. This legislation makes San Francisco the first U.S. city to require solar to be installed on new construction.
“By increasing our use of solar power, San Francisco is once again leading the nation in the fight against climate change and the reduction of our reliance on fossil fuels,” said in a statement Supervisor Scott Wiener. “Activating underutilized roof space is a smart and efficient way to promote the use of solar energy and improve our environment. We need to continue to pursue aggressive renewable energy policies to ensure a sustainable future for our city and our region.”
SolarCity shares are currently printing a higher than average trading volume with the issue trading 6.5M shares, compared to the average volume of 5.40M. The stock began trading this morning at $30.40. On an intraday basis it has gotten as low as $30.30 and as high as $34.35.
The San Mateo, Calif.-based company, which is currently valued at $3.25 billion, has a median Street price target of $40.00 with a high target of $89.00. SolarCity Corp. is down 46.44% year-over-year, compared with a 0.34% loss in the S&P 500.