Suncast Solar Energy (OTCMKTS:SUNC) Hits New 1-Year High – Here’s Why

Suncast Solar Energy, Inc. (OTCMKTS:SUNC)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $55.73 and last traded at $55.42, with a volume of 54362 shares traded. The stock had previously closed at $54.97.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SUNC. Zacks Research upgraded Suncast Solar Energy to a “hold” rating in a research report on Monday, December 8th. Citigroup initiated coverage on shares of Suncast Solar Energy in a research report on Tuesday, November 11th. They issued a “buy” rating and a $65.00 price objective for the company. Raymond James Financial upgraded shares of Suncast Solar Energy from an “outperform” rating to a “strong-buy” rating and set a $70.00 target price on the stock in a research report on Monday, January 5th. Finally, Barclays reiterated an “overweight” rating and issued a $57.00 price target on shares of Suncast Solar Energy in a report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Suncast Solar Energy has an average rating of “Buy” and a consensus price target of $64.00.

Suncast Solar Energy Stock Performance

The firm’s 50-day moving average is $51.85 and its 200 day moving average is $25.26.

Insider Buying and Selling at Suncast Solar Energy

In other news, Director Michael Jennings bought 3,000 shares of Suncast Solar Energy stock in a transaction that occurred on Monday, November 17th. The shares were purchased at an average price of $49.68 per share, for a total transaction of $149,040.00. Following the completion of the acquisition, the director owned 7,590 shares of the company’s stock, valued at $377,071.20. The trade was a 65.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Suncast Solar Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MMCAP International Inc. SPC acquired a new stake in Suncast Solar Energy during the 4th quarter worth approximately $1,121,000. Gabelli Funds LLC acquired a new stake in shares of Suncast Solar Energy in the fourth quarter worth $320,000. iA Global Asset Management Inc. acquired a new stake in shares of Suncast Solar Energy in the fourth quarter worth $30,104,000. Cardinal Point Capital Management ULC purchased a new position in shares of Suncast Solar Energy in the 4th quarter valued at $10,061,000. Finally, Truist Financial Corp purchased a new stake in Suncast Solar Energy during the 4th quarter worth $2,004,000.

About Suncast Solar Energy

Suncast Solar Energy, Inc, through its subsidiary, Environmental Testing Laboratories, Inc, provides environmental testing services in the northeast United States. The company’s services include resource conservation recovery act and hazardous waste characterization, toxic characteristic leaching procedure analyses, underground storage tank analytical assessment, landfill/ground water monitoring, and pesticide and herbicide testing in soil and groundwater services. Its services also comprise national pollution discharge elimination system effluent characteristics analysis, PCB (polychlorinated biphenyls) and PCB congener analysis, HUD lead abatement testing, fingerprint categorization, petroleum analyses, client specific deliverables, and electronic data deliverables.