MYR Group Inc. (NASDAQ:MYRG) Short Interest Update

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 879,900 shares, a drop of 17.0% from the March 15th total of 1,060,000 shares. Currently, 5.6% of the shares of the company are sold short. Based on an average daily volume of 243,100 shares, the days-to-cover ratio is presently 3.6 days.

MYR Group Trading Up 1.3 %

Shares of NASDAQ MYRG traded up $1.57 during midday trading on Friday, reaching $122.23. 34,119 shares of the stock were exchanged, compared to its average volume of 209,609. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a 12 month low of $86.60 and a 12 month high of $171.10. The business has a 50-day simple moving average of $117.48 and a two-hundred day simple moving average of $134.75. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 53.29 and a beta of 1.07.

Institutional Investors Weigh In On MYR Group

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its position in shares of MYR Group by 90.2% during the third quarter. FMR LLC now owns 2,336 shares of the utilities provider's stock worth $239,000 after buying an additional 1,108 shares during the period. Barclays PLC increased its stake in MYR Group by 192.2% in the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider's stock valued at $3,578,000 after buying an additional 23,013 shares during the last quarter. Tidal Investments LLC lifted its position in MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock worth $438,000 after buying an additional 83 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after buying an additional 15,361 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after acquiring an additional 118 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on MYRG. The Goldman Sachs Group lowered their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price target on the stock in a research report on Friday, March 14th. Stifel Nicolaus cut their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Robert W. Baird decreased their target price on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Finally, Piper Sandler started coverage on MYR Group in a report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, MYR Group presently has an average rating of "Moderate Buy" and a consensus price target of $139.00.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.