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SolarCity Gets Added to Russell Indexes

The company's share price has doubled since its IPO


Solar panelsOn Monday, SolarCity (NASDAQ:SCTY) said that it has joined the Russell 2000 Index.

Investors liked the news, sending shares of SolarCity up almost 2% in Monday afternoon trading.

In a statement, the designer and installer of residential and commercial solar power systems noted that it had also been added to the Russell 3000 and Russell Global Indexes.

The company, backed by Tesla Motors (NASDAQ:TSLA) CEO Elon Musk, currently operates in 14 U.S. states. It went public earlier this year.

Earlier this month, shares of SolarCity fell sharply after the company posted disappointing first-quarter results.

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