Montrose Environmental Group (NYSE:MEG) Shares Gap Up – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $17.44, but opened at $18.92. Montrose Environmental Group shares last traded at $21.14, with a volume of 51,773 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MEG shares. Stifel Nicolaus lowered their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. 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. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $39.00 target price on shares of Montrose Environmental Group in a research note on Tuesday, January 28th. Finally, Evercore ISI lowered their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Down 15.8 %

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 company has a market capitalization of $668.35 million, a PE ratio of -13.08 and a beta of 1.71. The business’s 50-day simple moving average is $20.03 and its 200-day simple moving average is $23.11.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors have recently bought and sold shares of the business. Paradigm Capital Management Inc. NY purchased a new position in Montrose Environmental Group during the 4th quarter worth approximately $1,855,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Montrose Environmental Group by 3.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company’s stock worth $42,316,000 after buying an additional 67,280 shares during the last quarter. Toronto Dominion Bank purchased a new position in Montrose Environmental Group during the 4th quarter worth approximately $2,505,000. Point72 Asset Management L.P. raised its position in Montrose Environmental Group by 13.4% during the 4th quarter. Point72 Asset Management L.P. now owns 36,000 shares of the company’s stock worth $668,000 after buying an additional 4,243 shares during the last quarter. Finally, Millennium Management LLC raised its position in Montrose Environmental Group by 52.6% during the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock worth $26,744,000 after buying an additional 496,661 shares during the last quarter. 87.87% of the stock is 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.