Montrose Environmental Group (NYSE:MEG) Shares Up 5.3% – Time to Buy?

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

Wall Street Analyst Weigh In

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

Montrose Environmental Group Price Performance

The business has a fifty day moving average price of $23.78 and a 200 day moving average price of $33.18. The company has a market cap of $642.10 million, a price-to-earnings ratio of -12.56 and a beta of 1.86. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Montrose Environmental Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock worth $60,502,000 after purchasing an additional 9,913 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after buying an additional 504 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Montrose Environmental Group by 10.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock valued at $514,000 after acquiring an additional 1,211 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Montrose Environmental Group during the 1st quarter valued at $271,000. Finally, Janus Henderson Group PLC grew its position in Montrose Environmental Group by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 487,166 shares of the company’s stock worth $19,082,000 after acquiring an additional 2,596 shares during the last quarter. 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.