Montauk Renewables (NASDAQ:MNTK) Trading Up 7.2% – Here’s What Happened

Montauk Renewables, Inc. (NASDAQ:MNTK) traded up 7.2% during trading on Wednesday . The stock traded as high as $4.35 and last traded at $4.34. 87,179 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 275,343 shares. The stock had previously closed at $4.05.

Wall Street Analysts Forecast Growth

Separately, Scotiabank reaffirmed a “sector perform” rating and set a $6.00 price objective (down previously from $8.00) on shares of Montauk Renewables in a research report on Tuesday, September 3rd.

Montauk Renewables Stock Up 5.4 %

The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.17. The business has a 50 day moving average of $5.01 and a 200-day moving average of $5.06. The stock has a market cap of $612.18 million, a PE ratio of 25.31 and a beta of -0.30.

Institutional Investors Weigh In On Montauk Renewables

Several institutional investors have recently made changes to their positions in MNTK. CWM LLC lifted its holdings in shares of Montauk Renewables by 1,425.5% in the second quarter. CWM LLC now owns 4,485 shares of the company’s stock valued at $26,000 after purchasing an additional 4,191 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Montauk Renewables by 105.0% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,898 shares of the company’s stock worth $26,000 after buying an additional 2,509 shares in the last quarter. Bleakley Financial Group LLC acquired a new position in shares of Montauk Renewables in the third quarter valued at approximately $73,000. Townsquare Capital LLC purchased a new position in shares of Montauk Renewables during the third quarter valued at approximately $75,000. Finally, SG Americas Securities LLC acquired a new stake in Montauk Renewables during the third quarter worth approximately $114,000. 16.35% of the stock is currently owned by hedge funds and other institutional investors.

Montauk Renewables Company Profile

Montauk Renewables, Inc, a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. It operates in two segments, Renewable Natural Gas and Renewable Electricity Generation. The company develops, owns, and operates renewable natural gas (RNG) projects that captures methane and prevents it from being released into the atmosphere by converting it into either RNG or electrical power for the electrical grid.