Montauk Renewables (NASDAQ:MNTK) Shares Down 6.5% – Here’s What Happened

Montauk Renewables, Inc. (NASDAQ:MNTK)’s share price dropped 6.5% during trading on Monday . The company traded as low as $4.94 and last traded at $5.04. Approximately 67,915 shares were traded during trading, a decline of 76% from the average daily volume of 278,909 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

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

Montauk Renewables Stock Performance

The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.19. The firm has a market cap of $590.24 million, a P/E ratio of 31.69 and a beta of -0.21. The business has a fifty day simple moving average of $5.22 and a 200-day simple moving average of $5.10.

Montauk Renewables (NASDAQ:MNTK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. Montauk Renewables had a net margin of 11.80% and a return on equity of 9.07%. The company had revenue of $65.92 million during the quarter, compared to analyst estimates of $61.27 million. On average, sell-side analysts predict that Montauk Renewables, Inc. will post 0.19 EPS for the current fiscal year.

Institutional Trading of Montauk Renewables

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC grew 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 worth $26,000 after acquiring an additional 4,191 shares during the period. Bleakley Financial Group LLC bought a new position in shares of Montauk Renewables in the 3rd quarter worth approximately $73,000. SG Americas Securities LLC purchased a new position in shares of Montauk Renewables in the third quarter worth approximately $114,000. Principal Financial Group Inc. grew its position in Montauk Renewables by 8.9% during the second quarter. Principal Financial Group Inc. now owns 25,902 shares of the company’s stock valued at $148,000 after buying an additional 2,107 shares during the period. Finally, Quadrature Capital Ltd increased its holdings in Montauk Renewables by 284.3% during the first quarter. Quadrature Capital Ltd now owns 42,600 shares of the company’s stock valued at $177,000 after buying an additional 31,514 shares during the last quarter. Hedge funds and other institutional investors own 16.35% of the company’s stock.

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.