Montrose Environmental Group (NYSE:MEG) Sees Unusually-High Trading Volume – Time to Buy?

Montrose Environmental Group, Inc. (NYSE:MEG) saw an uptick in trading volume on Tuesday . 707,523 shares traded hands during mid-day trading, an increase of 92% from the previous session’s volume of 367,934 shares.The stock last traded at $27.41 and had previously closed at $23.48.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MEG shares. Evercore ISI initiated coverage on Montrose Environmental Group in a research report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of Montrose Environmental Group in a report on Wednesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $45.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. The business’s 50 day moving average price is $28.59 and its 200 day moving average price is $37.30. The stock has a market capitalization of $901.44 million, a P/E ratio of -17.87 and a beta of 1.87.

Montrose Environmental Group (NYSE:MEG) last announced its earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.15). The company had revenue of $173.33 million for the quarter, compared to analysts’ expectations of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. Sell-side analysts forecast that Montrose Environmental Group, Inc. will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

A number of large investors have recently made changes to their positions in MEG. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Montrose Environmental Group by 453.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock worth $53,000 after buying an additional 1,111 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Montrose Environmental Group during the 2nd quarter worth $204,000. CANADA LIFE ASSURANCE Co grew its position in shares of Montrose Environmental Group by 11.8% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after acquiring an additional 504 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Montrose Environmental Group in the 1st quarter worth $271,000. Finally, Mesirow Financial Investment Management Inc. bought a new position in Montrose Environmental Group in the 2nd quarter worth $310,000. 87.87% of the stock is currently owned by 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.