Montrose Environmental Group (NYSE:MEG) Trading 7.7% Higher – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price rose 7.7% on Thursday . The stock traded as high as $21.80 and last traded at $22.03. Approximately 156,863 shares changed hands during trading, a decline of 69% from the average daily volume of 505,408 shares. The stock had previously closed at $20.46.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a report on Thursday, October 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus lowered their price objective on 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. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Stock Performance

The stock has a market capitalization of $725.79 million, a price-to-earnings ratio of -14.20 and a beta of 1.71. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a 50 day simple moving average of $19.50 and a 200-day simple moving average of $24.33.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of MEG. Lane Generational LLC grew its stake in shares of Montrose Environmental Group by 71.5% in the 4th quarter. Lane Generational LLC now owns 48,566 shares of the company’s stock valued at $901,000 after buying an additional 20,251 shares during the period. Essex Investment Management Co. LLC increased its holdings in shares of Montrose Environmental Group by 8.6% during the fourth quarter. Essex Investment Management Co. LLC now owns 109,226 shares of the company’s stock valued at $2,026,000 after acquiring an additional 8,617 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after acquiring an additional 1,898 shares in the last quarter. Global Alpha Capital Management Ltd. lifted its holdings in shares of Montrose Environmental Group by 5.7% in the 4th quarter. Global Alpha Capital Management Ltd. now owns 73,890 shares of the company’s stock worth $1,371,000 after purchasing an additional 4,000 shares in the last quarter. Finally, M&T Bank Corp grew its position in Montrose Environmental Group by 40.9% in the 4th quarter. M&T Bank Corp now owns 38,831 shares of the company’s stock valued at $721,000 after purchasing an additional 11,264 shares during the period. 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.