Montauk Renewables (NASDAQ:MNTK) Shares Gap Down - Here's Why

Montauk Renewables, Inc. (NASDAQ:MNTK - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $4.94, but opened at $4.66. Montauk Renewables shares last traded at $4.71, with a volume of 73,814 shares trading hands.

Montauk Renewables Stock Down 10.1 %

The firm has a 50 day simple moving average of $4.46 and a two-hundred day simple moving average of $4.90. The stock has a market capitalization of $636.55 million, a P/E ratio of 27.75 and a beta of -0.26. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MNTK. Bank of New York Mellon Corp lifted its stake in Montauk Renewables by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 263,278 shares of the company's stock valued at $1,501,000 after purchasing an additional 7,558 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Montauk Renewables during the 2nd quarter worth $228,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Montauk Renewables by 7.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,993 shares of the company's stock worth $348,000 after purchasing an additional 4,477 shares in the last quarter. Principal Financial Group Inc. raised its position in Montauk Renewables by 8.9% in the second quarter. Principal Financial Group Inc. now owns 25,902 shares of the company's stock valued at $148,000 after purchasing an additional 2,107 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Montauk Renewables by 2.6% in the second quarter. Rhumbline Advisers now owns 92,138 shares of the company's stock valued at $525,000 after purchasing an additional 2,366 shares during the last quarter. Institutional investors and hedge funds own 16.35% of the company's stock.

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.