Montauk Renewables (NASDAQ:MNTK) Stock Price Up 7.2% – Still a Buy?

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

Analyst Ratings Changes

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

Montauk Renewables Price Performance

The stock has a market capitalization of $576.35 million, a PE ratio of 25.13 and a beta of -0.30. The firm’s fifty day moving average price is $4.97 and its two-hundred day moving average price is $5.05. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Hedge Funds Weigh In On Montauk Renewables

Several hedge funds and other institutional investors have recently modified their holdings of MNTK. Principal Financial Group Inc. lifted its holdings in Montauk Renewables by 8.9% in the second quarter. Principal Financial Group Inc. now owns 25,902 shares of the company’s stock valued at $148,000 after acquiring an additional 2,107 shares during the period. Rhumbline Advisers lifted its stake in shares of Montauk Renewables by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 92,138 shares of the company’s stock worth $525,000 after purchasing an additional 2,366 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Montauk Renewables by 105.0% in 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 during the last quarter. The Manufacturers Life Insurance Company grew its position in Montauk Renewables by 14.7% during the second quarter. The Manufacturers Life Insurance Company now owns 32,611 shares of the company’s stock valued at $186,000 after buying an additional 4,176 shares during the period. Finally, CWM LLC increased its holdings in Montauk Renewables by 1,425.5% during the second quarter. CWM LLC now owns 4,485 shares of the company’s stock valued at $26,000 after buying an additional 4,191 shares during the last quarter. 16.35% of the stock is owned by 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.