Babcock (NYSE:BW) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Babcock (NYSE:BW) shares have surpassed their 200-day moving average during trading, indicating positive momentum in the stock price, which reached a high of $1.25 and last traded at $1.22.
• Several hedge funds have increased their positions in Babcock, with CastleKnight Management LP leading by boosting its stake by 7.2%, reflecting growing institutional interest in the company.
• Wall Street Zen initiated coverage on Babcock with a "hold" rating, suggesting a cautious outlook on the stock amidst its current trading performance.

Babcock (NYSE:BW - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $0.91 and traded as high as $1.25. Babcock shares last traded at $1.22, with a volume of 1,285,771 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen began coverage on Babcock in a research report on Tuesday, May 20th. They set a "hold" rating for the company.

Babcock Stock Performance

The stock has a 50 day moving average of $1.05 and a 200-day moving average of $0.90. The firm has a market capitalization of $124.48 million, a P/E ratio of -1.52 and a beta of 1.72.

Institutional Investors Weigh In On Babcock

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Two Sigma Advisers LP grew its holdings in shares of Babcock by 106.7% in the fourth quarter. Two Sigma Advisers LP now owns 26,734 shares of the technology company's stock worth $44,000 after purchasing an additional 13,800 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Babcock in the fourth quarter worth approximately $27,000. Northern Trust Corp grew its holdings in shares of Babcock by 13.8% in the fourth quarter. Northern Trust Corp now owns 146,996 shares of the technology company's stock worth $241,000 after purchasing an additional 17,860 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Babcock by 1.3% in the first quarter. Russell Investments Group Ltd. now owns 1,724,713 shares of the technology company's stock worth $1,160,000 after purchasing an additional 22,452 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new position in shares of Babcock in the fourth quarter worth approximately $38,000. 83.17% of the stock is currently owned by institutional investors.

About Babcock

Babcock & Wilcox Enterprises, Inc engages in the provision of fossil and renewable power generation and environmental equipment. It operates through the following segments: B&W Renewable, B&W Environmental, and B&W Thermal. The B&W Renewable segment supports a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.