Montrose Environmental Group, Inc. (NYSE:MEG) Short Interest Update

Montrose Environmental Group, Inc. (NYSE:MEG) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 2,770,000 shares, a decline of 19.9% from the November 15th total of 3,460,000 shares. Based on an average trading volume of 701,900 shares, the days-to-cover ratio is currently 3.9 days.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after acquiring an additional 586 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Montrose Environmental Group by 6.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock worth $549,000 after acquiring an additional 1,351 shares during the period. Wrapmanager Inc. lifted its holdings in shares of Montrose Environmental Group by 18.8% during the 3rd quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock worth $236,000 after acquiring an additional 1,420 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Montrose Environmental Group by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock worth $540,000 after acquiring an additional 1,695 shares during the period. Finally, Legato Capital Management LLC lifted its holdings in shares of Montrose Environmental Group by 4.9% during the 2nd quarter. Legato Capital Management LLC now owns 43,761 shares of the company’s stock worth $1,950,000 after acquiring an additional 2,050 shares during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on MEG. Bank of America cut shares of 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 report on Wednesday, November 6th. 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. Needham & Company LLC cut their price objective on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. restated 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $36.60.

Montrose Environmental Group Price Performance

NYSE MEG traded up $0.41 during trading hours on Friday, reaching $16.54. The company’s stock had a trading volume of 734,308 shares, compared to its average volume of 422,334. The stock has a market cap of $567.32 million, a PE ratio of -11.10 and a beta of 1.71. Montrose Environmental Group has a fifty-two week low of $15.21 and a fifty-two week high of $49.97. The company’s 50-day moving average is $21.68 and its two-hundred day moving average is $30.53. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

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.