Suncast Solar Energy (OTCMKTS:SUNC) Hits New 52-Week High – Should You Buy?

Shares of Suncast Solar Energy, Inc. (OTCMKTS:SUNC) hit a new 52-week high on Thursday . The stock traded as high as $55.73 and last traded at $55.42, with a volume of 54362 shares changing hands. The stock had previously closed at $54.97.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays reiterated an “overweight” rating and issued a $57.00 price objective on shares of Suncast Solar Energy in a research report on Monday, November 17th. Citigroup assumed coverage on Suncast Solar Energy in a research report on Tuesday, November 11th. They set a “buy” rating and a $65.00 price target on the stock. Raymond James Financial upgraded Suncast Solar Energy from an “outperform” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research report on Monday, January 5th. Finally, Zacks Research upgraded Suncast Solar Energy to a “hold” rating in a research report on Monday, December 8th. One 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 MarketBeat, Suncast Solar Energy has a consensus rating of “Buy” and an average price target of $64.00.

Suncast Solar Energy Stock Down 0.6%

The company has a 50 day moving average price of $51.85 and a 200 day moving average price of $25.26.

Insider Transactions at Suncast Solar Energy

In other news, Director Michael Jennings purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was bought at an average price of $52.00 per share, for a total transaction of $52,000.00. Following the completion of the purchase, the director directly owned 8,590 shares of the company’s stock, valued at $446,680. The trade was a 13.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new stake in shares of Suncast Solar Energy during the 4th quarter worth approximately $126,936,000. Norges Bank acquired a new position in Suncast Solar Energy during the fourth quarter worth about $74,696,000. QV Investors Inc. acquired a new position in Suncast Solar Energy during the fourth quarter worth about $58,528,000. UBS Group AG purchased a new stake in shares of Suncast Solar Energy in the fourth quarter valued at about $49,908,000. Finally, Clearbridge Investments LLC acquired a new stake in shares of Suncast Solar Energy in the fourth quarter valued at approximately $35,318,000.

Suncast Solar Energy Company Profile

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.