Montauk Renewables (NASDAQ:MNTK) Trading Up 9.2% – Here’s Why

Montauk Renewables, Inc. (NASDAQ:MNTK)’s stock price rose 9.2% during mid-day trading on Friday . The stock traded as high as $4.74 and last traded at $4.74. Approximately 123,357 shares were traded during trading, a decline of 43% from the average daily volume of 214,782 shares. The stock had previously closed at $4.34.

Montauk Renewables Price Performance

The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $708.24 million, a P/E ratio of 30.88 and a beta of -0.30. The business’s 50-day moving average is $4.46 and its two-hundred day moving average is $4.90.

Institutional Investors Weigh In On Montauk Renewables

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Montauk Renewables by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 25,902 shares of the company’s stock valued at $148,000 after acquiring an additional 2,107 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Montauk Renewables by 2.6% during the second quarter. Rhumbline Advisers now owns 92,138 shares of the company’s stock valued at $525,000 after acquiring an additional 2,366 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Montauk Renewables by 105.0% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,898 shares of the company’s stock worth $26,000 after buying an additional 2,509 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Montauk Renewables by 14.7% in the second quarter. The Manufacturers Life Insurance Company now owns 32,611 shares of the company’s stock worth $186,000 after acquiring an additional 4,176 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Montauk Renewables by 7.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,993 shares of the company’s stock valued at $348,000 after purchasing an additional 4,477 shares in the last quarter. 16.35% of the stock is currently owned by institutional investors.

About Montauk Renewables

Montauk Renewables, Inc, a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. It operates in two segments, Renewable Natural Gas and Renewable Electricity Generation. The company develops, owns, and operates renewable natural gas (RNG) projects that captures methane and prevents it from being released into the atmosphere by converting it into either RNG or electrical power for the electrical grid.