Montrose Environmental Group (NYSE:MEG) Trading 6.6% Higher – Time to Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price shot up 6.6% during trading on Wednesday . The company traded as high as $17.54 and last traded at $17.54. 507,038 shares changed hands during trading, an increase of 26% from the average session volume of 401,351 shares. The stock had previously closed at $16.46.

Analysts Set New Price Targets

A number of analysts recently commented on MEG shares. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC dropped their target price on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Price Performance

The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $645.20 million, a PE ratio of -12.68 and a beta of 1.86. The company’s 50 day moving average price is $24.64 and its 200-day moving average price is $34.00.

Institutional Investors Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. grew its holdings in shares of Montrose Environmental Group by 1.0% during the 1st quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock worth $1,933,000 after purchasing an additional 485 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after buying an additional 504 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in shares of Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after acquiring an additional 586 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Montrose Environmental Group by 10.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock valued at $514,000 after acquiring an additional 1,211 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Montrose Environmental Group by 16.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 9,285 shares of the company’s stock worth $331,000 after purchasing an additional 1,320 shares during the period. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.