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

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

Wall Street Analyst Weigh In

A number of brokerages have commented on SUNC. Zacks Research upgraded Suncast Solar Energy to a “hold” rating in a research report on Monday, December 8th. 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 note on Monday, January 5th. Citigroup assumed coverage on shares of Suncast Solar Energy in a report on Tuesday, November 11th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Barclays reiterated an “overweight” rating and issued a $57.00 price target on shares of Suncast Solar Energy in a research report on Monday, November 17th. One investment 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. According to data from MarketBeat.com, Suncast Solar Energy has an average rating of “Buy” and an average target price of $64.00.

Suncast Solar Energy Stock Up 2.4%

The firm’s 50 day simple moving average is $52.21 and its 200 day simple moving average is $26.99.

Insider Buying and Selling

In other Suncast Solar Energy news, Director Michael Jennings bought 1,000 shares of Suncast Solar Energy stock in a transaction dated Wednesday, November 26th. The shares were purchased at an average cost of $52.00 per share, for a total transaction of $52,000.00. Following the acquisition, the director directly owned 8,590 shares in the company, valued at approximately $446,680. This represents a 13.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Suncast Solar Energy

A number of large investors have recently made changes to their positions in SUNC. Goldman Sachs Group Inc. purchased a new stake in Suncast Solar Energy in the 4th quarter worth about $126,936,000. Norges Bank bought a new stake in shares of Suncast Solar Energy during the 4th quarter worth approximately $74,696,000. Morgan Stanley purchased a new position in Suncast Solar Energy during the 4th quarter valued at $73,776,000. BCV Asset Management Inc. bought a new position in Suncast Solar Energy in the 4th quarter valued at $61,116,000. Finally, QV Investors Inc. bought a new position in Suncast Solar Energy in the 4th quarter valued at $58,528,000.

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.