Suncast Solar Energy (OTCMKTS:SUNC) Reaches New 12-Month High – What’s Next?

Suncast Solar Energy, Inc. (OTCMKTS:SUNC) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $56.47 and last traded at $56.47, with a volume of 663664 shares trading hands. The stock had previously closed at $55.12.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SUNC shares. Raymond James Financial upgraded shares of Suncast Solar Energy from an “outperform” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a report on Monday, January 5th. Zacks Research upgraded Suncast Solar Energy to a “hold” rating in a report on Monday, December 8th. Citigroup assumed coverage on Suncast Solar Energy in a research note on Tuesday, November 11th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Barclays reiterated an “overweight” rating and issued a $57.00 target price 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 issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $64.00.

Suncast Solar Energy Price Performance

The company has a 50-day moving average price of $52.21 and a 200 day moving average price of $26.99.

Insider Buying and Selling

In other Suncast Solar Energy news, Director Michael Jennings acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was purchased at an average price of $52.00 per share, for a total transaction of $52,000.00. Following the acquisition, the director owned 8,590 shares in the company, valued at approximately $446,680. This trade represents a 13.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG purchased a new stake in shares of Suncast Solar Energy during the fourth quarter worth about $92,000. Danske Bank A S acquired a new position in Suncast Solar Energy during the 4th quarter valued at approximately $133,000. Commonwealth Equity Services LLC purchased a new position in shares of Suncast Solar Energy in the fourth quarter worth $272,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Suncast Solar Energy in the fourth quarter worth $312,000. Finally, Gabelli Funds LLC purchased a new stake in shares of Suncast Solar Energy during the fourth quarter valued at $320,000.

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.