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

Montrose Environmental Group, Inc. (NYSE:MEG) was up 5.3% on Thursday . The stock traded as high as $16.66 and last traded at $16.45. Approximately 62,402 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 418,044 shares. The stock had previously closed at $15.62.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MEG shares. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Stifel Nicolaus reduced their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday. Needham & Company LLC lowered their price objective on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Evercore ISI set a $43.00 target price on Montrose Environmental Group in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average target price of $36.60.

Montrose Environmental Group Stock Up 2.5 %

The company has a market cap of $566.98 million, a P/E ratio of -11.09 and a beta of 1.71. The stock has a 50-day moving average of $21.68 and a two-hundred day moving average of $30.75. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Institutional Investors Weigh In On Montrose Environmental Group

Several institutional investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. lifted its position in Montrose Environmental Group by 43.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after purchasing an additional 586 shares during the last quarter. Natixis Advisors LLC raised its holdings in Montrose Environmental Group by 6.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after buying an additional 1,351 shares during the last quarter. Wrapmanager Inc. boosted its position in Montrose Environmental Group by 18.8% during the 3rd quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock valued at $236,000 after buying an additional 1,420 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Montrose Environmental Group by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock worth $540,000 after acquiring an additional 1,695 shares during the last quarter. Finally, Legato Capital Management LLC increased its position in shares of Montrose Environmental Group by 4.9% in the second quarter. Legato Capital Management LLC now owns 43,761 shares of the company’s stock valued at $1,950,000 after acquiring an additional 2,050 shares during the period. 87.87% of the stock is currently owned by hedge funds and other 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.