Archaea Energy Inc. (NYSE:LFG – Get Rating) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 4,860,000 shares, a growth of 82.7% from the June 15th total of 2,660,000 shares. Approximately 6.2% of the company’s shares are short sold. Based on an average daily volume of 1,370,000 shares, the short-interest ratio is currently 3.5 days.
Analysts Set New Price Targets
Separately, Barclays initiated coverage on shares of Archaea Energy in a research note on Friday, June 17th. They set an “overweight” rating and a $26.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Archaea Energy currently has an average rating of “Buy” and an average price target of $28.80.
Hedge Funds Weigh In On Archaea Energy
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LFG. Ovata Capital Management Ltd acquired a new position in Archaea Energy in the first quarter valued at about $26,000. Advisors Asset Management Inc. acquired a new position in Archaea Energy in the first quarter valued at about $64,000. Quantbot Technologies LP acquired a new position in Archaea Energy in the first quarter valued at about $123,000. Greenleaf Trust acquired a new position in shares of Archaea Energy during the first quarter worth approximately $209,000. Finally, Mirabella Financial Services LLP acquired a new position in shares of Archaea Energy during the first quarter worth approximately $209,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.
Archaea Energy Price Performance
Shares of Archaea Energy stock traded up $0.69 during trading on Friday, hitting $13.81. 713,165 shares of the company’s stock traded hands, compared to its average volume of 1,923,226. The firm’s fifty day moving average price is $17.99 and its 200 day moving average price is $18.84. Archaea Energy has a twelve month low of $12.59 and a twelve month high of $23.75.
Archaea Energy (NYSE:LFG – Get Rating) last issued its earnings results on Tuesday, May 10th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.08. The business had revenue of $56.90 million for the quarter, compared to analyst estimates of $65.80 million. The company’s quarterly revenue was up 3456.3% on a year-over-year basis. As a group, research analysts expect that Archaea Energy will post 0.42 EPS for the current fiscal year.
Archaea Energy Company Profile
Archaea Energy Inc operates as a renewable natural gas (RNG) and renewable electricity producer in the United States. It owns and operates a diversified portfolio of 23 landfill gas recovery and processing projects across 12 states, including 13 projects that collectively generate approximately 177.3 MW of electric capacity and 10 projects that have capacity to produce approximately 27,480 million of British thermal units per day of pipeline-quality RNG.
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