Montrose Environmental Group (NYSE:MEG) Stock Price Up 6.6% – Should You Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price rose 6.6% during mid-day trading on Wednesday . The stock traded as high as $17.54 and last traded at $17.54. Approximately 507,038 shares were traded during trading, an increase of 26% from the average daily volume of 401,351 shares. The stock had previously closed at $16.46.

Analyst Ratings Changes

Several equities analysts have commented on the company. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC decreased their price objective on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday, November 8th. JPMorgan Chase & Co. restated 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. Finally, Bank of America downgraded shares of 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 note on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Stock Performance

The business’s 50-day simple moving average is $25.01 and its two-hundred day simple moving average is $34.22. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a market cap of $615.34 million, a price-to-earnings ratio of -11.05 and a beta of 1.86.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MEG. Driehaus Capital Management LLC lifted its holdings in Montrose Environmental Group by 253.0% during the 2nd 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 during the last quarter. Fred Alger Management LLC raised its holdings in Montrose Environmental Group by 33.7% during the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after purchasing an additional 470,706 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Montrose Environmental Group by 271.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock worth $16,844,000 after buying an additional 276,166 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Montrose Environmental Group in the 3rd quarter valued at $6,801,000. Finally, Victory Capital Management Inc. acquired a new stake in Montrose Environmental Group during the 2nd quarter worth $10,666,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.