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

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. MCF Advisors LLC increased its position in MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in MYR Group during the fourth quarter valued at about $47,000. Smartleaf Asset Management LLC increased its stake in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 286 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 210 shares during the period. Finally, GAMMA Investing LLC raised its holdings in MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Up 0.9 %

MYRG stock traded up $0.95 during midday trading on Tuesday, hitting $110.58. The stock had a trading volume of 4,259 shares, compared to its average volume of 209,136. MYR Group has a 12-month low of $86.60 and a 12-month high of $171.10. The firm has a market cap of $1.78 billion, a PE ratio of 48.29 and a beta of 1.07. The company’s 50-day moving average price is $118.51 and its 200 day moving average price is $134.94. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MYRG shares. Stifel Nicolaus cut their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. 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 note on Friday, March 14th. Robert W. Baird lowered their price target on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler initiated coverage on shares of MYR Group in a research report on Tuesday, April 8th. They set a “neutral” rating and a $124.00 price target for the company. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $140.60.

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.