Montauk Renewables (NASDAQ:MNTK) Shares Gap Up – Time to Buy?

Montauk Renewables, Inc. (NASDAQ:MNTK) gapped up before the market opened on Thursday . The stock had previously closed at $3.98, but opened at $4.21. Montauk Renewables shares last traded at $4.53, with a volume of 72,689 shares.

Montauk Renewables Stock Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 2.04. The stock’s 50-day moving average is $4.46 and its 200 day moving average is $4.91. The stock has a market cap of $708.24 million, a price-to-earnings ratio of 30.88 and a beta of -0.30.

Institutional Investors Weigh In On Montauk Renewables

A number of hedge funds and other institutional investors have recently modified their holdings of MNTK. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Montauk Renewables by 105.0% during the third 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 in the last quarter. Bleakley Financial Group LLC purchased a new position in shares of Montauk Renewables in the 3rd quarter worth $73,000. Townsquare Capital LLC purchased a new stake in Montauk Renewables during the third quarter valued at about $75,000. SG Americas Securities LLC acquired a new stake in Montauk Renewables during the third quarter worth about $114,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Montauk Renewables by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 25,902 shares of the company’s stock worth $148,000 after purchasing an additional 2,107 shares during the period. 16.35% of the stock is currently owned by institutional investors and hedge funds.

Montauk Renewables Company Profile

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.