Bowman Consulting Group (NASDAQ:BWMN) Hits New 52-Week High - Here's Why

Key Points

• Bowman Consulting Group's stock price hit a new 52-week high of $37.54 on Monday, ending the day at $36.66 with a trading volume of 29,710 shares.
• Analysts have recently upgraded their ratings and price targets for Bowman Consulting Group, with B. Riley raising the target from $33.00 to $43.00 and a "buy" rating.
• The company initiated a share buyback plan authorizing $25 million to repurchase up to 5.4% of its outstanding shares, signaling management's belief that the stock is undervalued.

Bowman Consulting Group Ltd. (NASDAQ:BWMN - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $37.54 and last traded at $36.66, with a volume of 29710 shares trading hands. The stock had previously closed at $36.90.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BWMN shares. B. Riley boosted their price objective on shares of Bowman Consulting Group from $33.00 to $43.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Wall Street Zen raised Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Finally, Robert W. Baird upped their price target on Bowman Consulting Group from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, May 8th.

Bowman Consulting Group Stock Down 0.5%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $632.62 million, a PE ratio of 61.18, a P/E/G ratio of 5.22 and a beta of 1.31. The company's 50-day moving average is $30.36 and its 200 day moving average is $25.58.

Bowman Consulting Group declared that its Board of Directors has initiated a share buyback plan on Friday, June 6th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insider Transactions at Bowman Consulting Group

In other Bowman Consulting Group news, insider Robert Alan Hickey sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $26.70, for a total transaction of $133,500.00. Following the transaction, the insider owned 176,685 shares in the company, valued at approximately $4,717,489.50. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,024 shares of company stock valued at $162,514 in the last 90 days. 17.42% of the stock is owned by insiders.

Hedge Funds Weigh In On Bowman Consulting Group

A number of hedge funds have recently modified their holdings of BWMN. Vanguard Group Inc. raised its position in Bowman Consulting Group by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 800,748 shares of the company's stock valued at $19,979,000 after purchasing an additional 13,198 shares during the period. Wells Fargo & Company MN raised its stake in shares of Bowman Consulting Group by 55.0% in the fourth quarter. Wells Fargo & Company MN now owns 6,524 shares of the company's stock worth $163,000 after acquiring an additional 2,316 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Bowman Consulting Group by 38.3% in the fourth quarter. Russell Investments Group Ltd. now owns 117,665 shares of the company's stock worth $2,936,000 after acquiring an additional 32,572 shares in the last quarter. Kennedy Capital Management LLC grew its stake in shares of Bowman Consulting Group by 7.4% in the fourth quarter. Kennedy Capital Management LLC now owns 154,340 shares of the company's stock valued at $3,851,000 after buying an additional 10,679 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Bowman Consulting Group by 16.7% in the fourth quarter. Barclays PLC now owns 24,897 shares of the company's stock valued at $621,000 after buying an additional 3,556 shares during the period. 63.20% of the stock is currently owned by hedge funds and other institutional investors.

About Bowman Consulting Group

Bowman Consulting Group Ltd. provides a range of real estate, energy, infrastructure, and environmental management solutions in the United States. It offers civil and site engineering services, such as conceptual land planning, environmental consulting and permitting, planning/zoning and entitlements, roadway and highway designs, erosion and sediment designs, stormwater management designs, construction administration, traffic studies, floodplain studies, and utility relocation designs; and commissioning and energy efficiency services comprise construction observation, direct systems functional performance testing, system development readiness checklist, post occupancy review, review of construction documents, deferred/seasonal functional testing, final commissioning report, and commissioning review of submittals.

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