OPAL Fuels (NASDAQ:OPAL) Trading Up 3.6% – Here’s What Happened

OPAL Fuels Inc. (NASDAQ:OPAL) shot up 3.6% on Monday . The company traded as high as $3.43 and last traded at $3.43. 84,585 shares were traded during trading, a decline of 4% from the average session volume of 87,685 shares. The stock had previously closed at $3.31.

Wall Street Analysts Forecast Growth

Separately, Scotiabank cut OPAL Fuels from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $8.00 to $5.00 in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.90.

OPAL Fuels Price Performance

The stock has a market capitalization of $585.89 million, a price-to-earnings ratio of 18.83 and a beta of 0.51. The company’s 50-day simple moving average is $3.62 and its 200-day simple moving average is $3.74.

Institutional Trading of OPAL Fuels

Several hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP lifted its holdings in shares of OPAL Fuels by 69.3% during the third quarter. GSA Capital Partners LLP now owns 96,056 shares of the company’s stock worth $351,000 after buying an additional 39,325 shares in the last quarter. Inspire Investing LLC acquired a new position in OPAL Fuels in the third quarter valued at about $430,000. SIR Capital Management L.P. lifted its position in OPAL Fuels by 76.3% during the second quarter. SIR Capital Management L.P. now owns 388,049 shares of the company’s stock worth $1,587,000 after purchasing an additional 167,940 shares during the period. Sanctuary Advisors LLC acquired a new stake in OPAL Fuels during the second quarter worth about $93,000. Finally, Marshall Wace LLP bought a new position in OPAL Fuels in the 2nd quarter valued at about $389,000. 12.16% of the stock is owned by institutional investors and hedge funds.

About OPAL Fuels

OPAL Fuels Inc, together with its subsidiaries, engages in the production and distribution of renewable natural gas for use as a vehicle fuel for heavy and medium-duty trucking fleets. It also designs, develops, constructs, operates, and services fueling stations for trucking fleets that use natural gas to displace diesel as transportation fuel.