Montrose Environmental Group (NYSE:MEG) Sees Large Volume Increase – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) shares saw unusually-strong trading volume on Tuesday . Approximately 707,523 shares changed hands during 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.

Analyst Upgrades and Downgrades

MEG has been the topic of several research reports. Evercore ISI initiated coverage on shares of Montrose Environmental Group in a report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, October 3rd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Montrose Environmental Group presently has an average rating of “Buy” and an average 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 stock has a fifty day simple moving average of $28.80 and a 200-day simple moving average of $37.54. The company has a market capitalization of $916.44 million, a price-to-earnings ratio of -18.18 and a beta of 1.87.

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

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently modified their holdings of MEG. Benjamin F. Edwards & Company Inc. grew its holdings in 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 valued at $53,000 after purchasing an additional 1,111 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Montrose Environmental Group in the second quarter worth approximately $204,000. CANADA LIFE ASSURANCE Co raised its stake in Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after purchasing an additional 504 shares during the last quarter. Mainsail Asset Management LLC purchased a new position in Montrose Environmental Group in the 1st quarter valued at $217,000. Finally, Bayesian Capital Management LP purchased a new position in Montrose Environmental Group in the 1st quarter valued at $271,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.