Bowman Consulting Group (NASDAQ:BWMN) Reaches New 52-Week High - Still a Buy?

Key Points

• Bowman Consulting Group shares reached a new 52-week high at $41.85, with last trades at $40.77, reflecting strong trading activity.
• Analysts upgraded Bowman Consulting from a "hold" to a "strong-buy" rating, with B. Riley increasing their price target to $43.00 and three analysts assigning a "buy" rating.
• The company announced a $25 million share buyback, indicating confidence from its leadership in the stock's value, alongside insider selling of shares by an executive.

Shares of Bowman Consulting Group Ltd. (NASDAQ:BWMN - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $41.85 and last traded at $40.77, with a volume of 335454 shares trading hands. The stock had previously closed at $39.82.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BWMN. Wall Street Zen upgraded Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. B. Riley boosted their price objective on shares of Bowman Consulting Group from $33.00 to $43.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Zacks Research upgraded shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Finally, Robert W. Baird boosted their price objective on shares of Bowman Consulting Group from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $34.17.

Bowman Consulting Group Stock Up 1.0%

The firm's fifty day moving average price is $32.87 and its 200-day moving average price is $26.56. The company has a market capitalization of $710.10 million, a price-to-earnings ratio of 68.43, a P/E/G ratio of 3.38 and a beta of 1.31. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.26 and a quick ratio of 1.26.

Bowman Consulting Group announced that its board has authorized a share buyback plan on Friday, June 6th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Bowman Consulting Group news, insider Robert Alan Hickey sold 5,000 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $26.70, for a total transaction of $133,500.00. Following the sale, the insider owned 176,685 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 6,024 shares of company stock worth $162,514 over the last quarter. Corporate insiders own 17.42% of the company's stock.

Hedge Funds Weigh In On Bowman Consulting Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. raised its holdings in shares of Bowman Consulting Group by 28.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,435 shares of the company's stock worth $41,000 after acquiring an additional 317 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Bowman Consulting Group in the 4th quarter worth about $42,000. Brooklyn Investment Group acquired a new stake in shares of Bowman Consulting Group in the 1st quarter worth about $45,000. Tower Research Capital LLC TRC raised its holdings in shares of Bowman Consulting Group by 244.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,301 shares of the company's stock worth $66,000 after acquiring an additional 1,633 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Bowman Consulting Group by 1,856.3% in the 1st quarter. GAMMA Investing LLC now owns 4,519 shares of the company's stock worth $99,000 after acquiring an additional 4,288 shares during the last quarter. Institutional investors own 63.20% of the company's stock.

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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