OPAL Fuels (NASDAQ:OPAL) Stock Price Up 7% - Here's What Happened

OPAL Fuels Inc. (NASDAQ:OPAL - Get Free Report) shares shot up 7% on Monday . The stock traded as high as $3.20 and last traded at $3.20. 98,962 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 86,852 shares. The stock had previously closed at $2.99.

Wall Street Analyst Weigh In

Separately, Scotiabank downgraded OPAL Fuels from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the stock from $8.00 to $5.00 in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $7.90.

OPAL Fuels Stock Performance

The company has a market capitalization of $549.60 million, a price-to-earnings ratio of 17.67 and a beta of 0.51. The business's 50 day moving average is $3.68 and its 200 day moving average is $3.79.

Hedge Funds Weigh In On OPAL Fuels

Several hedge funds have recently made changes to their positions in OPAL. Yaupon Capital Management LP increased its holdings in OPAL Fuels by 17.0% in the 3rd quarter. Yaupon Capital Management LP now owns 700,054 shares of the company's stock worth $2,555,000 after buying an additional 101,955 shares during the period. SIR Capital Management L.P. boosted its holdings in shares of OPAL Fuels by 76.3% in the 2nd quarter. SIR Capital Management L.P. now owns 388,049 shares of the company's stock valued at $1,587,000 after acquiring an additional 167,940 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of OPAL Fuels by 19.1% in the third quarter. Geode Capital Management LLC now owns 257,549 shares of the company's stock worth $940,000 after acquiring an additional 41,250 shares during the period. Inspire Investing LLC purchased a new position in shares of OPAL Fuels during the third quarter worth $430,000. Finally, GSA Capital Partners LLP lifted its position in OPAL Fuels by 69.3% during the third quarter. GSA Capital Partners LLP now owns 96,056 shares of the company's stock valued at $351,000 after purchasing an additional 39,325 shares during the period. 12.16% of the stock is owned by institutional investors and hedge funds.

About OPAL Fuels

OPAL Fuels Inc, together with its subsidiaries, engages in the production and distribution of renewable natural gas for use as a vehicle fuel for heavy and medium-duty trucking fleets. It also designs, develops, constructs, operates, and services fueling stations for trucking fleets that use natural gas to displace diesel as transportation fuel.