Montrose Environmental Group (NYSE:MEG) Stock Price Up 7.7% – Time to Buy?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded up 7.7% on Thursday . The company traded as high as $21.80 and last traded at $22.03. 156,863 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 505,408 shares. The stock had previously closed at $20.46.

Analyst Ratings Changes

Several 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 target price for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research note on Thursday, October 17th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. Finally, Stifel Nicolaus decreased their price objective 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Stock Up 0.9 %

The company has a market capitalization of $725.79 million, a P/E ratio of -14.20 and a beta of 1.71. The stock has a 50 day moving average price of $19.50 and a 200 day moving average price of $24.33. 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. KBC Group NV increased its stake in shares of Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after purchasing an additional 1,613 shares during the last quarter. Avanza Fonder AB bought a new position in Montrose Environmental Group during the fourth quarter valued at $105,000. Point72 DIFC Ltd purchased a new stake in Montrose Environmental Group in the third quarter worth $111,000. PNC Financial Services Group Inc. lifted its position in shares of Montrose Environmental Group by 42.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after buying an additional 1,898 shares during the last quarter. Finally, Wrapmanager Inc. grew its stake in shares of Montrose Environmental Group by 12.8% during the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock worth $187,000 after acquiring an additional 1,150 shares during the period. 87.87% of the stock is currently owned by hedge funds and other 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.