Needham & Company LLC Reaffirms Buy Rating for Montrose Environmental Group (NYSE:MEG)

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $39.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 75.34% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus decreased 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 report on Wednesday, December 11th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Price Performance

Shares of Montrose Environmental Group stock opened at $22.24 on Friday. 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 has a fifty day simple moving average of $18.75 and a 200-day simple moving average of $26.23. The stock has a market capitalization of $762.93 million, a price-to-earnings ratio of -14.93 and a beta of 1.70. Montrose Environmental Group has a 1-year low of $15.21 and a 1-year high of $49.97.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. grew 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 in the last quarter. Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group during the 4th quarter worth about $105,000. Point72 DIFC Ltd bought a new stake in shares of Montrose Environmental Group during the third quarter worth approximately $111,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Montrose Environmental Group in the 3rd quarter valued at $212,000. Finally, Net Worth Advisory Group bought a new stake in shares of Montrose Environmental Group in the third quarter valued at about $213,000. Institutional investors own 87.87% of the company’s stock.

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.