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

Key Points

• Bowman Consulting Group's stock price surged to a new **52-week high** of **$43.21**, closing at **$42.01** with a trading volume of **126,550 shares**.
• Analysts have increased their price targets for Bowman Consulting Group, with B. Riley setting a new target of **$55.00**, while the company holds a consensus rating of **"Buy"** and an average target price of **$38.17**.
• The company has authorized a **$25 million stock buyback program**, indicative of the board's belief that its shares are currently **undervalued**.

Shares of Bowman Consulting Group Ltd. (NASDAQ:BWMN - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $43.21 and last traded at $42.01, with a volume of 126550 shares traded. The stock had previously closed at $42.43.

Analysts Set New Price Targets

Several analysts recently commented on BWMN shares. Zacks Research upgraded shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Wall Street Zen raised shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Finally, B. Riley raised their price objective 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 analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat.com, Bowman Consulting Group presently has an average rating of "Buy" and a consensus target price of $38.17.

Bowman Consulting Group Stock Performance

The stock has a market cap of $703.63 million, a P/E ratio of 67.98 and a beta of 1.33. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.14. The firm's 50-day moving average is $35.69 and its two-hundred day moving average is $27.85.

Bowman Consulting Group declared that its board has approved a share buyback plan on Friday, June 6th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Bowman Consulting Group

In other news, insider Robert Alan Hickey sold 5,000 shares of Bowman Consulting Group stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $26.70, for a total value of $133,500.00. Following the transaction, the insider owned 176,685 shares of the company's stock, valued at $4,717,489.50. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 5,800 shares of company stock valued at $156,108 over the last 90 days. Company insiders own 17.42% of the company's stock.

Hedge Funds Weigh In On Bowman Consulting Group

A number of institutional investors have recently modified their holdings of the company. Pembroke Management LTD raised its position in shares of Bowman Consulting Group by 12.8% in the first quarter. Pembroke Management LTD now owns 520,519 shares of the company's stock valued at $11,363,000 after purchasing an additional 59,197 shares during the period. Polar Asset Management Partners Inc. grew its stake in shares of Bowman Consulting Group by 3.6% in the first quarter. Polar Asset Management Partners Inc. now owns 451,029 shares of the company's stock worth $9,846,000 after acquiring an additional 15,481 shares during the last quarter. Swedbank AB increased its holdings in Bowman Consulting Group by 108.2% in the 2nd quarter. Swedbank AB now owns 416,492 shares of the company's stock valued at $11,974,000 after buying an additional 216,492 shares during the period. Summit Creek Advisors LLC increased its holdings in Bowman Consulting Group by 9.3% in the 1st quarter. Summit Creek Advisors LLC now owns 408,042 shares of the company's stock valued at $8,908,000 after buying an additional 34,599 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Bowman Consulting Group by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 343,015 shares of the company's stock valued at $9,864,000 after buying an additional 9,073 shares during the period. Institutional investors own 63.20% of the company's stock.

Bowman Consulting Group Company Profile

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.