Montrose Environmental Group (NYSE:MEG) Shares Gap Up – Still a Buy?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) gapped up before the market opened on Thursday . The stock had previously closed at $17.94, but opened at $18.75. Montrose Environmental Group shares last traded at $19.51, with a volume of 15,795 shares.

Wall Street Analysts Forecast Growth

MEG has been the topic of a number of recent analyst reports. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC decreased their target price on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Finally, Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Montrose Environmental Group has a consensus rating of “Moderate Buy” and an average target price of $39.20.

Montrose Environmental Group Trading Up 5.8 %

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a 50-day moving average of $24.82 and a 200 day moving average of $34.10.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. increased its stake in 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 worth $86,000 after acquiring an additional 586 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Montrose Environmental Group in the third quarter valued at $111,000. CANADA LIFE ASSURANCE Co grew its stake in shares of Montrose Environmental Group by 11.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after buying an additional 504 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Montrose Environmental Group in 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 in the third quarter valued at $212,000. Institutional investors and hedge funds 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.