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

Suncast Solar Energy, Inc. (OTCMKTS:SUNC) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $59.83 and last traded at $58.47, with a volume of 452684 shares changing hands. The stock had previously closed at $58.94.

Analysts Set New Price Targets

Several analysts recently weighed in on SUNC shares. Citigroup initiated coverage on Suncast Solar Energy in a research report on Tuesday, November 11th. They set 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 price target for the company in a report on Monday, January 5th. Barclays reaffirmed an “overweight” rating and set a $57.00 target price on shares of Suncast Solar Energy in a research note on Monday, November 17th. Finally, Zacks Research raised shares of Suncast Solar Energy to a “hold” rating in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $64.00.

Suncast Solar Energy Price Performance

The business’s fifty day moving average price is $52.83 and its 200-day moving average price is $28.63.

Insiders Place Their Bets

In other Suncast Solar Energy news, Director Michael Jennings purchased 1,000 shares of Suncast Solar Energy stock in a transaction on Wednesday, November 26th. The shares were acquired at an average cost of $52.00 per share, for a total transaction of $52,000.00. Following the completion of the transaction, the director directly owned 8,590 shares of the company’s stock, valued at approximately $446,680. The trade was a 13.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SUNC. Goldman Sachs Group Inc. purchased a new position in Suncast Solar Energy during the 4th quarter valued at $126,936,000. Millennium Management LLC bought a new stake in Suncast Solar Energy during the 4th quarter valued at about $76,886,000. Norges Bank purchased a new position in Suncast Solar Energy in the 4th quarter worth approximately $74,696,000. Morgan Stanley bought a new position in shares of Suncast Solar Energy during the fourth quarter valued at $73,776,000. Finally, Engine Capital Management LP bought a new stake in shares of Suncast Solar Energy in the fourth quarter worth approximately $67,976,000.

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.