Montauk Renewables (NASDAQ:MNTK) Share Price Breaks Above Fifty Day Moving Average - Here's Why

Key Points

• Montauk Renewables shares rose above their 50-day moving average, reaching $2.38 and last trading at $2.37, compared with a 50-day average of $2.31.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a consensus price target of $1.80, despite one Strong Buy, three Hold, and one Sell rating.
• Institutional ownership stands at 16.35%, with BlackRock establishing a roughly $7.3 million stake and other funds increasing or initiating positions.

Shares of Montauk Renewables, Inc. (NASDAQ:MNTK - Get Free Report) passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $2.31 and traded as high as $2.38. Montauk Renewables shares last traded at $2.37, with a volume of 588,978 shares traded.

Wall Street Analyst Weigh In

MNTK has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of Montauk Renewables from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, September 24th. Zacks Research raised shares of Montauk Renewables from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $1.80.

Montauk Renewables Price Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a fifty day simple moving average of $2.31 and a 200 day simple moving average of $1.74. The company has a market capitalization of $337.35 million, a PE ratio of 39.51 and a beta of 0.66.

Hedge Funds Weigh In On Montauk Renewables

Several institutional investors have recently made changes to their positions in MNTK. BlackRock Inc. bought a new stake in shares of Montauk Renewables in the 2nd quarter valued at about $7,347,000. Renaissance Technologies LLC lifted its position in shares of Montauk Renewables by 3.5% in the 1st quarter. Renaissance Technologies LLC now owns 354,600 shares of the company's stock worth $408,000 after purchasing an additional 11,900 shares during the period. GSA Capital Partners LLP bought a new position in shares of Montauk Renewables during the second quarter valued at approximately $314,000. Bank of New York Mellon Corp bought a new position in shares of Montauk Renewables during the second quarter valued at approximately $306,000. Finally, Rathbones Group PLC boosted its stake in shares of Montauk Renewables by 10.9% during the first quarter. Rathbones Group PLC now owns 102,000 shares of the company's stock valued at $117,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 16.35% of the company's stock.

Montauk Renewables Company Profile

Montauk Renewables, Inc is a renewable energy company that develops, owns and operates projects that capture methane from landfills and other organic waste sources. The company converts this biogas into renewable natural gas (RNG), which can be used as a lower-carbon transportation fuel or delivered into natural gas pipelines.

In addition to RNG production, Montauk Renewables generates renewable electricity from landfill gas at certain facilities. Its activities may also generate environmental attributes, including renewable identification numbers and other credits associated with the use of renewable fuels.

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