Montrose Environmental Group (NYSE:MEG) Stock Price Up 4.2% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) shares rose 4.2% during mid-day trading on Wednesday . The company traded as high as $21.65 and last traded at $21.58. Approximately 284,810 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 569,608 shares. The stock had previously closed at $20.71.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MEG shares. Bank of America downgraded shares of 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. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Stifel Nicolaus reduced their price target 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. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Finally, Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Stock Up 0.4 %

The business has a 50 day moving average price of $19.32 and a 200 day moving average price of $27.13. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market cap of $713.12 million, a PE ratio of -13.95 and a beta of 1.70.

Institutional Trading of Montrose Environmental Group

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. acquired a new stake in shares of Montrose Environmental Group in the second quarter worth approximately $1,022,000. Natixis Advisors LLC boosted its position in Montrose Environmental Group by 25.2% during the second quarter. Natixis Advisors LLC now owns 19,528 shares of the company’s stock worth $870,000 after acquiring an additional 3,925 shares during the last quarter. Rhumbline Advisers grew its stake in Montrose Environmental Group by 10.8% during the 2nd quarter. Rhumbline Advisers now owns 48,215 shares of the company’s stock valued at $2,148,000 after acquiring an additional 4,702 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Montrose Environmental Group in the 2nd quarter valued at about $10,666,000. Finally, Los Angeles Capital Management LLC purchased a new position in Montrose Environmental Group in the 2nd quarter worth approximately $204,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

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.