Suncast Solar Energy (OTCMKTS:SUNC) Hits New 52-Week High – Here’s Why

Shares of Suncast Solar Energy, Inc. (OTCMKTS:SUNC) reached 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 changing hands. The stock had previously closed at $55.12.

Analyst Ratings Changes

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

Suncast Solar Energy Stock Performance

The firm has a 50-day simple moving average of $52.50 and a 200 day simple moving average of $27.42.

Insiders Place Their Bets

In other Suncast Solar Energy news, Director Michael Jennings acquired 1,000 shares of the stock in a transaction on Wednesday, November 26th. The shares were bought at an average cost of $52.00 per share, with a total value of $52,000.00. Following the transaction, the director owned 8,590 shares of the company’s stock, valued at approximately $446,680. This trade represents a 13.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SUNC. MMCAP International Inc. SPC acquired a new position in Suncast Solar Energy during the 4th quarter worth approximately $1,121,000. Gabelli Funds LLC acquired a new position in Suncast Solar Energy during the fourth quarter worth $320,000. iA Global Asset Management Inc. purchased a new position in Suncast Solar Energy in the fourth quarter worth $30,104,000. Cardinal Point Capital Management ULC acquired a new stake in Suncast Solar Energy in the fourth quarter valued at $10,061,000. Finally, Carlson Capital L.P. purchased a new stake in shares of Suncast Solar Energy during the 4th quarter worth $739,000.

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.