Montrose Environmental Group (NYSE:MEG) Stock Price Up 4.2% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price rose 4.2% during trading on Wednesday . The company traded as high as $21.65 and last traded at $21.58. Approximately 284,810 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 569,608 shares. The stock had previously closed at $20.71.

Wall Street Analysts Forecast Growth

MEG has been the subject of several recent research reports. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. Stifel Nicolaus dropped their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Finally, Needham & Company LLC reduced their price target on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Trading Up 0.4 %

The stock’s 50 day moving average is $19.32 and its 200-day moving average is $27.13. The company has a market capitalization of $713.12 million, a P/E ratio of -13.95 and a beta of 1.70. 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

Large investors have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. boosted its position in shares of Montrose Environmental Group by 43.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after buying an additional 586 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Montrose Environmental Group during the third quarter valued at about $111,000. Los Angeles Capital Management LLC purchased a new stake in Montrose Environmental Group in the second quarter worth about $204,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Montrose Environmental Group in the third quarter worth about $212,000. Finally, Net Worth Advisory Group purchased a new position in shares of Montrose Environmental Group during the 3rd quarter valued at about $213,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.