Montrose Environmental Group (NYSE:MEG) Earns “Buy” Rating from Needham & Company LLC

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $39.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 79.68% from the company’s previous close.

Several other research analysts have also recently commented on MEG. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their target price for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. 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 note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Stock Performance

Montrose Environmental Group stock opened at $21.71 on Tuesday. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The company has a market capitalization of $744.48 million, a price-to-earnings ratio of -14.57 and a beta of 1.70. The firm’s fifty day moving average price is $19.07 and its 200 day moving average price is $25.19.

Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP lifted its position in shares of Montrose Environmental Group by 43.3% in the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after buying an additional 104,320 shares during the last quarter. Ghisallo Capital Management LLC acquired a new position in Montrose Environmental Group in the second quarter valued at approximately $3,119,000. FMR LLC grew its holdings in shares of Montrose Environmental Group by 11.1% during the third quarter. FMR LLC now owns 352,264 shares of the company’s stock valued at $9,265,000 after purchasing an additional 35,314 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Montrose Environmental Group during the third quarter valued at approximately $6,801,000. Finally, Rockefeller Capital Management L.P. raised its position in shares of Montrose Environmental Group by 189.3% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock worth $1,223,000 after purchasing an additional 30,437 shares during the period. 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.