Bowman Consulting Group (NASDAQ:BWMN) Hits New 52-Week High - Should You Buy?

Key Points

• Bowman Consulting Group's stock reached a new 52-week high of $43.47 during mid-day trading, following an increase of 5.0% in value.
• Analysts have upgraded Bowman Consulting's rating to "strong-buy," with price target estimates rising from $43.00 to $55.00 according to recent reports.
• The company authorized a $25 million share buyback program, indicating the board's belief that the stock is currently undervalued.

Bowman Consulting Group Ltd. (NASDAQ:BWMN - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $43.24 and last traded at $43.47, with a volume of 49288 shares. The stock had previously closed at $41.24.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Zacks Research upgraded shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Finally, B. Riley increased their price target on shares of Bowman Consulting Group from $43.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $38.17.

Bowman Consulting Group Trading Up 5.0%

The stock has a market capitalization of $746.67 million, a P/E ratio of 72.06 and a beta of 1.33. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.14. The stock's fifty day moving average price is $37.60 and its two-hundred day moving average price is $28.93.

Bowman Consulting Group announced that its Board of Directors has authorized a share buyback program on Friday, June 6th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Stephen A. Riddick sold 3,000 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $41.04, for a total transaction of $123,120.00. Following the completion of the sale, the director directly owned 18,461 shares in the company, valued at $757,639.44. This represents a 13.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Daniel Swayze sold 1,350 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $41.33, for a total transaction of $55,795.50. Following the sale, the chief operating officer owned 10,954 shares of the company's stock, valued at $452,728.82. This represents a 10.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,750 shares of company stock valued at $190,540. Company insiders own 17.42% of the company's stock.

Institutional Investors Weigh In On Bowman Consulting Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BWMN. Northern Trust Corp raised its holdings in Bowman Consulting Group by 7.1% during the 4th quarter. Northern Trust Corp now owns 131,753 shares of the company's stock valued at $3,287,000 after buying an additional 8,727 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Bowman Consulting Group during the 4th quarter valued at $42,000. Bank of America Corp DE increased its position in Bowman Consulting Group by 97.7% during the 4th quarter. Bank of America Corp DE now owns 18,834 shares of the company's stock valued at $470,000 after purchasing an additional 9,307 shares during the period. Citadel Advisors LLC increased its position in Bowman Consulting Group by 29.9% during the 4th quarter. Citadel Advisors LLC now owns 18,684 shares of the company's stock valued at $466,000 after purchasing an additional 4,304 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Bowman Consulting Group during the 4th quarter valued at $327,000. 63.20% of the stock is currently owned by 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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