Suncast Solar Energy (OTCMKTS:SUNC) Hits New 1-Year High – What’s Next?

Shares of Suncast Solar Energy, Inc. (OTCMKTS:SUNC) hit a new 52-week high during trading on Wednesday . The company traded as high as $54.93 and last traded at $54.24, with a volume of 119124 shares trading hands. The stock had previously closed at $54.48.

Wall Street Analysts Forecast Growth

SUNC has been the subject of several recent analyst reports. Zacks Research raised shares of Suncast Solar Energy to a “hold” rating in a research note on Monday, December 8th. Raymond James Financial raised shares of Suncast Solar Energy from an “outperform” rating to a “strong-buy” rating and set a $70.00 target price for the company in a research note on Monday, January 5th. Barclays reaffirmed an “overweight” rating and set a $57.00 price target on shares of Suncast Solar Energy in a research note on Monday, November 17th. Finally, Citigroup assumed coverage on Suncast Solar Energy in a report on Tuesday, November 11th. They issued a “buy” rating and a $65.00 price objective for the company. One 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 has an average rating of “Buy” and a consensus price target of $64.00.

Suncast Solar Energy Stock Performance

The business’s 50-day moving average is $51.03 and its 200 day moving average is $19.49.

Insiders Place Their Bets

In related news, Director Michael Jennings bought 3,000 shares of Suncast Solar Energy stock in a transaction dated Monday, November 17th. The shares were bought at an average cost of $49.68 per share, with a total value of $149,040.00. Following the acquisition, the director owned 7,590 shares in the company, valued at $377,071.20. This trade represents a 65.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Suncast Solar Energy

A hedge fund recently bought a new stake in Suncast Solar Energy stock. QV Investors Inc. purchased a new stake in shares of Suncast Solar Energy, Inc. (OTCMKTS:SUNC) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 1,187,664 shares of the company’s stock, valued at approximately $58,528,000. Suncast Solar Energy comprises about 4.8% of QV Investors Inc.’s investment portfolio, making the stock its 4th biggest position. QV Investors Inc. owned 0.58% of Suncast Solar Energy as of its most recent filing with the SEC.

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.