Montrose Environmental Group (NYSE:MEG) Trading Up 8% – What’s Next?

Montrose Environmental Group, Inc. (NYSE:MEG) was up 8% during mid-day trading on Monday . The company traded as high as $15.85 and last traded at $15.80. 101,811 shares were traded during trading, a decline of 80% from the average session volume of 521,641 shares. The stock had previously closed at $14.63.

Analyst Ratings Changes

Several brokerages have weighed in on MEG. Evercore ISI cut their price target on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, February 10th. Needham & Company LLC reissued a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Finally, Stifel Nicolaus dropped their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Montrose Environmental Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.60.

Montrose Environmental Group Stock Up 7.1 %

The company has a market cap of $538.31 million, a PE ratio of -10.56 and a beta of 1.72. The business has a 50-day simple moving average of $19.46 and a 200-day simple moving average of $21.32. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently added to or reduced their stakes in MEG. Bamco Inc. NY increased its stake in shares of Montrose Environmental Group by 84.5% during the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company’s stock worth $42,528,000 after purchasing an additional 1,050,000 shares in the last quarter. William Blair Investment Management LLC raised its stake in Montrose Environmental Group by 175.0% in the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock valued at $27,255,000 after purchasing an additional 934,938 shares during the last quarter. Bank of America Corp DE boosted its position in Montrose Environmental Group by 42.2% during the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company’s stock worth $33,743,000 after acquiring an additional 539,779 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Montrose Environmental Group by 52.6% during the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock worth $26,744,000 after purchasing an additional 496,661 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after purchasing an additional 470,706 shares in the last quarter. 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.