Montrose Environmental Group (NYSE:MEG) Trading 4.2% Higher – Still a Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price shot up 4.2% on Wednesday . The stock traded as high as $21.65 and last traded at $21.58. 284,810 shares were traded during trading, a decline of 50% from the average session volume of 569,608 shares. The stock had previously closed at $20.71.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MEG. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Stifel Nicolaus reduced their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Needham & Company LLC dropped their price objective on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, Evercore ISI set a $43.00 target price on Montrose Environmental Group in a research note on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Stock Up 4.1 %

The company has a market cap of $742.62 million, a price-to-earnings ratio of -14.53 and a beta of 1.70. 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 firm’s fifty day moving average price is $18.99 and its 200-day moving average price is $26.87.

Institutional Trading of Montrose Environmental Group

A number of large investors have recently bought and sold shares of MEG. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Montrose Environmental Group by 43.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after buying an additional 586 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Montrose Environmental Group in the third quarter valued at approximately $111,000. Los Angeles Capital Management LLC bought a new stake in shares of Montrose Environmental Group in the second quarter worth $204,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Montrose Environmental Group during the third quarter worth $212,000. Finally, Net Worth Advisory Group bought a new position in Montrose Environmental Group in the third quarter valued at $213,000. 87.87% of the stock is owned by institutional investors.

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.