Montauk Renewables, Inc. (NASDAQ:MNTK – Get Free Report)’s stock price fell 5.1% during trading on Monday. The stock traded as low as $2.35 and last traded at $2.40. 707,296 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 914,741 shares. The stock had previously closed at $2.53.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on MNTK shares. Zacks Research upgraded Montauk Renewables from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 1st. Weiss Ratings upgraded 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 given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Montauk Renewables has a consensus rating of “Hold” and an average price target of $1.80.
View Our Latest Research Report on MNTK
Montauk Renewables Stock Down 7.7%
Institutional Trading of Montauk Renewables
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ieq Capital LLC purchased a new stake in shares of Montauk Renewables during the 2nd quarter worth about $52,000. Bank of America Corp DE purchased a new position in shares of Montauk Renewables in the 2nd quarter valued at about $70,000. Deutsche Bank AG purchased a new position in Montauk Renewables during the second quarter worth approximately $76,000. J. Derek Lewis & Associates Inc. acquired a new position in shares of Montauk Renewables during the 1st quarter worth approximately $98,000. Finally, Rathbones Group PLC lifted 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 buying an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 16.35% of the company’s stock.
Montauk Renewables Company Profile
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.
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