Stephen A. Riddick Sells 3,000 Shares of Bowman Consulting Group (NASDAQ:BWMN) Stock

Key Points

• Director Sale: Bowman Consulting Group's Director Stephen Riddick sold 3,000 shares at an average price of $41.04, totaling $123,120, resulting in a 13.98% reduction of his shareholding.
• Stock Buyback Plan: The company has approved a stock buyback plan of $25 million, indicating management's belief that the shares are undervalued.
• Analyst Ratings: Analysts have upgraded Bowman Consulting Group to "strong-buy," with B. Riley raising the price target from $43 to $55.

Bowman Consulting Group Ltd. (NASDAQ:BWMN - Get Free Report) Director Stephen A. Riddick sold 3,000 shares of the stock in a transaction that occurred 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 sale, the director owned 18,461 shares in the company, valued at approximately $757,639.44. The trade was a 13.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Bowman Consulting Group Stock Down 1.9%

Shares of NASDAQ:BWMN traded down $0.79 during trading on Friday, reaching $40.75. 76,848 shares of the stock traded hands, compared to its average volume of 131,959. The stock has a 50-day moving average of $36.88 and a two-hundred day moving average of $28.54. Bowman Consulting Group Ltd. has a 52-week low of $17.90 and a 52-week high of $43.21. 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 stock has a market cap of $702.98 million, a P/E ratio of 67.92 and a beta of 1.33.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Pembroke Management LTD raised its position in Bowman Consulting Group by 12.8% in the first quarter. Pembroke Management LTD now owns 520,519 shares of the company's stock worth $11,363,000 after acquiring an additional 59,197 shares during the period. Polar Asset Management Partners Inc. raised its position in 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 period. Swedbank AB raised its position in Bowman Consulting Group by 108.2% in the second quarter. Swedbank AB now owns 416,492 shares of the company's stock worth $11,974,000 after acquiring an additional 216,492 shares during the period. Summit Creek Advisors LLC raised its position in Bowman Consulting Group by 9.3% in the first quarter. Summit Creek Advisors LLC now owns 408,042 shares of the company's stock worth $8,908,000 after acquiring an additional 34,599 shares during the period. Finally, Geode Capital Management LLC raised its position in Bowman Consulting Group by 2.7% in the second quarter. Geode Capital Management LLC now owns 343,015 shares of the company's stock worth $9,864,000 after acquiring an additional 9,073 shares during the period. 63.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BWMN. 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. B. Riley increased 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. Finally, Wall Street Zen upgraded shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $38.17.

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.