Montrose Environmental Group, Inc. (NYSE:MEG) Short Interest Down 19.9% in November

Montrose Environmental Group, Inc. (NYSE:MEG) saw a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 2,770,000 shares, a decline of 19.9% from the November 15th total of 3,460,000 shares. Based on an average daily volume of 701,900 shares, the short-interest ratio is currently 3.9 days.

Montrose Environmental Group Price Performance

NYSE MEG traded up $1.53 during trading hours on Monday, reaching $18.07. The company’s stock had a trading volume of 961,340 shares, compared to its average volume of 424,561. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The company’s 50-day moving average is $21.68 and its two-hundred day moving average is $30.53. Montrose Environmental Group has a fifty-two week low of $15.21 and a fifty-two week high of $49.97. The stock has a market cap of $619.82 million, a PE ratio of -12.10 and a beta of 1.71.

Institutional Trading of Montrose Environmental Group

Several institutional investors and hedge funds have recently modified their holdings of MEG. Fred Alger Management LLC boosted its stake in shares of 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 valued at $49,086,000 after acquiring an additional 470,706 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Montrose Environmental Group by 11.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after purchasing an additional 130,000 shares in the last quarter. Bamco Inc. NY boosted its stake in shares of Montrose Environmental Group by 7.4% during the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in shares of 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. Finally, Blair William & Co. IL raised its position in shares of Montrose Environmental Group by 5.1% in the second quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock valued at $34,296,000 after buying an additional 37,335 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MEG shares. Stifel Nicolaus cut their price objective on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Needham & Company LLC dropped their target price 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. Finally, Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average price target of $36.60.

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.