Montrose Environmental Group (NYSE:MEG) Shares Up 6.6% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) were up 6.6% during mid-day trading on Wednesday . The company traded as high as $17.54 and last traded at $17.54. Approximately 507,038 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 401,351 shares. The stock had previously closed at $16.46.

Analyst Upgrades and Downgrades

MEG has been the topic of several recent research reports. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research note on Thursday, October 17th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Needham & Company LLC cut their price objective 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. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Price Performance

The firm has a market cap of $645.20 million, a price-to-earnings ratio of -12.68 and a beta of 1.86. The business’s 50-day moving average price is $24.64 and its two-hundred day moving average price is $34.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds have recently bought and sold shares of MEG. Benjamin F. Edwards & Company Inc. lifted its holdings in Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after buying an additional 586 shares during the last quarter. Point72 DIFC Ltd bought a new position in Montrose Environmental Group during the third quarter worth $111,000. CANADA LIFE ASSURANCE Co boosted its holdings in Montrose Environmental Group by 11.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after purchasing an additional 504 shares during the period. Los Angeles Capital Management LLC bought a new stake in Montrose Environmental Group during the second quarter valued at $204,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Montrose Environmental Group during the third quarter worth $212,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.