Montauk Renewables (NASDAQ:MNTK) Share Price Breaks Above Fifty Day Moving Average – Here’s Why

Montauk Renewables, Inc. (NASDAQ:MNTK) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $2.31 and traded as high as $2.38. Montauk Renewables shares last traded at $2.37, with a volume of 588,978 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Weiss Ratings upgraded Montauk Renewables from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, September 24th. Zacks Research upgraded Montauk Renewables from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Montauk Renewables presently has a consensus rating of “Hold” and an average target price of $1.80.

Montauk Renewables Stock Up 5.3%

The business’s fifty day moving average price is $2.31 and its two-hundred day moving average price is $1.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market capitalization of $337.35 million, a P/E ratio of 39.51 and a beta of 0.66.

Institutional Investors Weigh In On Montauk Renewables

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Montauk Renewables in the second quarter worth $7,347,000. Renaissance Technologies LLC increased its position in shares of Montauk Renewables by 3.5% during the first quarter. Renaissance Technologies LLC now owns 354,600 shares of the company’s stock worth $408,000 after purchasing an additional 11,900 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Montauk Renewables during the second quarter worth $314,000. Bank of New York Mellon Corp acquired a new position in shares of Montauk Renewables during the second quarter worth $306,000. Finally, Rathbones Group PLC lifted its holdings in shares of Montauk Renewables by 10.9% during the 1st quarter. Rathbones Group PLC now owns 102,000 shares of the company’s stock valued at $117,000 after purchasing an additional 10,000 shares during the last quarter. 16.35% of the stock is currently owned by institutional investors and hedge funds.

Montauk Renewables Company Profile

Montauk Renewables, Inc is a renewable energy company that develops, owns and operates projects that capture methane from landfills and other organic waste sources. The company converts this biogas into renewable natural gas (RNG), which can be used as a lower-carbon transportation fuel or delivered into natural gas pipelines.

In addition to RNG production, Montauk Renewables generates renewable electricity from landfill gas at certain facilities. Its activities may also generate environmental attributes, including renewable identification numbers and other credits associated with the use of renewable fuels.