Montrose Environmental Group (NYSE:MEG) Trading Up 5.3% – Here’s Why

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded up 5.3% on Wednesday . The company traded as high as $19.12 and last traded at $19.11. 11,778 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 410,890 shares. The stock had previously closed at $18.14.

Analysts Set New Price Targets

Several brokerages have weighed in on MEG. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Needham & Company LLC cut their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Montrose Environmental Group has a consensus rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Stock Up 3.0 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The company has a 50-day simple moving average of $24.22 and a two-hundred day simple moving average of $33.46.

Institutional Trading of Montrose Environmental Group

Large investors have recently modified their holdings of the business. Royce & Associates LP boosted its stake in shares of Montrose Environmental Group by 43.3% during the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after acquiring an additional 104,320 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Montrose Environmental Group in the second quarter worth $1,095,000. Ghisallo Capital Management LLC bought a new stake in shares of Montrose Environmental Group during the 2nd quarter valued at $3,119,000. Moody National Bank Trust Division purchased a new position in shares of Montrose Environmental Group during the 2nd quarter valued at $1,159,000. Finally, Driehaus Capital Management LLC lifted its position in shares of Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after acquiring an additional 823,636 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

About Montrose Environmental Group

Montrose Environmental Group, Inc operates as an environmental services company in the United States, Canada, and internationally. The company operates in three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The Assessment, Permitting and Response segment provides scientific advisory and consulting services to support environmental assessments; environmental emergency response and recovery; toxicology consulting and environmental audits and permits for current operations; facility upgrades; new projects; decommissioning projects; and development projects.