Suncast Solar Energy (OTCMKTS:SUNC) Shares Gap Down – Here’s What Happened

Suncast Solar Energy, Inc. (OTCMKTS:SUNC)’s share price gapped down before the market opened on Friday . The stock had previously closed at $54.10, but opened at $52.46. Suncast Solar Energy shares last traded at $53.88, with a volume of 77,009 shares traded.

Analysts Set New Price Targets

Several equities research analysts have commented on SUNC shares. Raymond James Financial upgraded shares of 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. Zacks Research raised Suncast Solar Energy to a “hold” rating in a research report on Monday, December 8th. Barclays reissued an “overweight” rating and issued a $57.00 price objective on shares of Suncast Solar Energy in a research report on Monday, November 17th. Finally, Citigroup initiated coverage on Suncast Solar Energy in a research report on Tuesday, November 11th. They set a “buy” rating and a $65.00 target price for the company. One 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $64.00.

Suncast Solar Energy Price Performance

The company has a 50 day simple moving average of $51.68 and a 200-day simple moving average of $23.57.

Insider Buying and Selling

In other Suncast Solar Energy news, Director Michael Jennings bought 1,000 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was purchased at an average price 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 $446,680. This trade represents a 13.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Danske Bank A S purchased a new position in Suncast Solar Energy in the 4th quarter valued at approximately $133,000. Gabelli Funds LLC purchased a new stake in shares of Suncast Solar Energy during the fourth quarter worth $320,000. Pictet Asset Management Holding SA bought a new position in shares of Suncast Solar Energy in the fourth quarter worth $327,000. Arizona State Retirement System purchased a new position in shares of Suncast Solar Energy in the fourth quarter valued at $571,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Suncast Solar Energy during the 4th quarter valued at $606,000.

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.