Montrose Environmental Group (NYSE:MEG) Trading 5.3% Higher – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price rose 5.3% during mid-day trading on Wednesday . The stock traded as high as $19.12 and last traded at $19.11. Approximately 11,778 shares traded hands during trading, a decline of 97% from the average daily volume of 410,890 shares. The stock had previously closed at $18.14.

Analyst Upgrades and Downgrades

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

Montrose Environmental Group Stock 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 stock’s fifty day simple moving average is $24.22 and its two-hundred day simple moving average is $33.46.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors and hedge funds have recently modified their holdings of MEG. Synovus Financial Corp raised its holdings in shares of Montrose Environmental Group by 327.3% during the third quarter. Synovus Financial Corp now owns 24,388 shares of the company’s stock valued at $641,000 after purchasing an additional 18,681 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Montrose Environmental Group in the third quarter valued at approximately $295,000. Barclays PLC increased its holdings in shares of Montrose Environmental Group by 375.0% during the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock valued at $1,410,000 after acquiring an additional 42,297 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Montrose Environmental Group by 3.4% during the third quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after purchasing an additional 23,356 shares during the period. Finally, ABS Direct Equity Fund LLC acquired a new stake in Montrose Environmental Group in the 3rd quarter valued at $451,000. 87.87% of the stock is currently owned by institutional investors.

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.