Montauk Renewables (NASDAQ:MNTK) Trading 10.1% Higher – Here’s What Happened

Shares of Montauk Renewables, Inc. (NASDAQ:MNTK) were up 10.1% on Thursday . The stock traded as high as $4.37 and last traded at $4.37. Approximately 145,548 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 280,102 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

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

Montauk Renewables Trading Up 0.7 %

The firm has a 50-day moving average price of $5.19 and a 200-day moving average price of $5.10. The stock has a market cap of $639.43 million, a PE ratio of 27.88 and a beta of -0.21. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.04 and a current ratio of 2.04.

Institutional Investors Weigh In On Montauk Renewables

Several large investors have recently bought and sold shares of MNTK. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Montauk Renewables by 81.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 502,682 shares of the company’s stock valued at $2,091,000 after buying an additional 224,895 shares during the period. Marshall Wace LLP bought a new position in Montauk Renewables in the second quarter valued at about $962,000. SIR Capital Management L.P. grew its stake in shares of Montauk Renewables by 91.2% during the 2nd quarter. SIR Capital Management L.P. now owns 326,074 shares of the company’s stock valued at $1,859,000 after purchasing an additional 155,546 shares during the period. Tidal Investments LLC bought a new stake in shares of Montauk Renewables during the 1st quarter valued at $368,000. Finally, AQR Capital Management LLC purchased a new stake in Montauk Renewables in the 2nd quarter worth $456,000. 16.35% of the stock is currently 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.