Suncast Solar Energy (OTCMKTS:SUNC) Hits New 12-Month High – Time to Buy?

Suncast Solar Energy, Inc. (OTCMKTS:SUNC)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $60.46 and last traded at $59.93, with a volume of 99980 shares traded. The stock had previously closed at $59.89.

Analyst Ratings Changes

SUNC has been the subject of a number of recent research reports. Raymond James Financial upgraded Suncast Solar Energy from an “outperform” rating to a “strong-buy” rating and set a $70.00 target price for the company in a report on Monday, January 5th. Citigroup initiated coverage on shares of Suncast Solar Energy in a research report on Tuesday, November 11th. They set a “buy” rating and a $65.00 price objective on the stock. Barclays restated an “overweight” rating and issued a $57.00 target price on shares of Suncast Solar Energy in a report 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 issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $64.00.

Suncast Solar Energy Stock Performance

The stock’s 50 day moving average price is $53.60 and its 200-day moving average price is $30.29.

Hedge Funds Weigh In On Suncast Solar Energy

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

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.