Montauk Renewables (NASDAQ:MNTK) Shares Gap Up – Here’s Why

Shares of Montauk Renewables, Inc. (NASDAQ:MNTK) gapped up prior to trading on Tuesday . The stock had previously closed at $4.19, but opened at $4.40. Montauk Renewables shares last traded at $4.27, with a volume of 144,546 shares traded.

Montauk Renewables Stock Performance

The stock’s 50 day moving average is $4.15 and its two-hundred day moving average is $4.77. 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 firm has a market capitalization of $609.32 million, a P/E ratio of 26.56 and a beta of -0.26.

Hedge Funds Weigh In On Montauk Renewables

Several hedge funds have recently made changes to their positions in the business. State Street Corp raised its position in shares of Montauk Renewables by 1.6% in the third quarter. State Street Corp now owns 1,613,351 shares of the company’s stock valued at $8,406,000 after purchasing an additional 25,732 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Montauk Renewables by 237.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 173,483 shares of the company’s stock valued at $904,000 after purchasing an additional 122,072 shares during the last quarter. SG Americas Securities LLC acquired a new position in Montauk Renewables during the third quarter worth about $114,000. Geode Capital Management LLC lifted its stake in Montauk Renewables by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,636,368 shares of the company’s stock valued at $8,527,000 after purchasing an additional 9,203 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Montauk Renewables by 16.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,749 shares of the company’s stock valued at $369,000 after acquiring an additional 9,756 shares during the last quarter. 16.35% of the stock is owned by institutional investors.

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.