Montrose Environmental Group (NYSE:MEG) Rating Reiterated by Needham & Company LLC

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They currently have a $54.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 104.16% from the company’s current price.

Separately, Evercore ISI initiated coverage on shares of Montrose Environmental Group in a research note on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $45.60.

Montrose Environmental Group Stock Performance

MEG stock opened at $26.45 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. Montrose Environmental Group has a 1-year low of $19.59 and a 1-year high of $49.97. The business has a 50-day moving average price of $28.59 and a 200 day moving average price of $37.30. The company 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 posted 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). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The company had revenue of $173.33 million for the quarter, compared to analysts’ expectations of $174.59 million. As a group, equities research analysts forecast that Montrose Environmental Group will post 0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new stake in Montrose Environmental Group in the second quarter valued at $1,095,000. Ghisallo Capital Management LLC purchased a new stake in Montrose Environmental Group in the 2nd quarter worth approximately $3,119,000. Moody National Bank Trust Division acquired a new stake in shares of Montrose Environmental Group during the 2nd quarter worth approximately $1,159,000. Lord Abbett & CO. LLC purchased a new position in shares of Montrose Environmental Group during the 1st quarter valued at approximately $1,461,000. Finally, Driehaus Capital Management LLC boosted its holdings in Montrose Environmental Group by 253.0% during the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares in the last quarter. 87.87% of the stock is 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.