Montauk Renewables (NASDAQ:MNTK) Stock Price Down 5.1% - Here's Why

Key Points

• Montauk Renewables shares fell 5.1% to $2.40 in Monday’s midday trading, with about 707,296 shares changing hands—23% below average volume.
• Analyst sentiment remains mixed: Zacks Research upgraded the stock to “strong buy,” but the overall consensus is “Hold” with a $1.80 price target, below the current share price.
• Institutional investors own 16.35% of the company, while Montauk focuses on converting landfill gas and other biogas into renewable natural gas and electricity.

Montauk Renewables, Inc. (NASDAQ:MNTK - Get Free Report) shares dropped 5.1% during mid-day trading on Monday. The company traded as low as $2.35 and last traded at $2.40. Approximately 707,296 shares traded hands during trading, a decline of 23% from the average session volume of 914,741 shares. The stock had previously closed at $2.53.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Montauk Renewables from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 1st. Weiss Ratings raised Montauk Renewables from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, September 24th. One equities research 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 stock. According to MarketBeat, Montauk Renewables has a consensus rating of "Hold" and a consensus price target of $1.80.

Montauk Renewables Price Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 0.62 and a quick ratio of 0.62. The company has a fifty day moving average of $2.22 and a 200 day moving average of $1.77. The firm has a market capitalization of $341.62 million, a P/E ratio of 40.01 and a beta of 0.66.

Institutional Investors Weigh In On Montauk Renewables

Several large investors have recently added to or reduced their stakes in the company. Rathbones Group PLC increased its position in shares of Montauk Renewables by 10.9% during the 1st 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 during the last quarter. Renaissance Technologies LLC grew its position in Montauk Renewables by 3.5% during the 1st quarter. Renaissance Technologies LLC now owns 354,600 shares of the company's stock worth $408,000 after acquiring an additional 11,900 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of Montauk Renewables during the second quarter valued at approximately $52,000. Bank of America Corp DE purchased a new position in shares of Montauk Renewables in the second quarter valued at about $70,000. Finally, Deutsche Bank AG purchased a new position in Montauk Renewables during the 2nd quarter valued at about $76,000. Hedge funds and other institutional investors own 16.35% of the company's stock.

About Montauk Renewables

Montauk Renewables, Inc is a renewable energy company focused on recovering energy from landfill gas and other biogas sources. The company develops, owns and operates facilities that capture methane produced by landfills and convert it into renewable natural gas (RNG) and renewable electricity.

Montauk's RNG operations process biogas into pipeline-quality natural gas that can be used as a transportation fuel or delivered through natural gas infrastructure. The company also generates electricity from landfill gas and may benefit from environmental attributes associated with renewable energy, including renewable identification numbers and other credits.

Founded in 1988, Montauk Renewables operates projects primarily in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.