Montrose Environmental Group (NYSE:MEG) Trading 4.8% Higher – Should You Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price rose 4.8% during mid-day trading on Friday . The company traded as high as $21.46 and last traded at $21.33. Approximately 117,860 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 361,726 shares. The stock had previously closed at $20.35.

Analysts Set New Price Targets

A number of brokerages have commented on MEG. Evercore ISI initiated coverage on shares of Montrose Environmental Group in a research report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 3rd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Buy” and a consensus price target of $45.60.

Montrose Environmental Group Price Performance

The stock’s 50-day moving average is $28.87 and its 200 day moving average is $37.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market capitalization of $761.03 million, a PE ratio of -15.09 and a beta of 1.87.

Montrose Environmental Group (NYSE:MEG) last posted its earnings results on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.15). The firm had revenue of $173.33 million for the quarter, compared to analyst estimates of $174.59 million. Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. As a group, equities analysts expect that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently modified their holdings of the business. Driehaus Capital Management LLC grew its stake in shares of Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after purchasing an additional 823,636 shares during the last quarter. Bank of New York Mellon Corp grew its position in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after buying an additional 276,166 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Montrose Environmental Group in the 2nd quarter valued at $10,666,000. Fred Alger Management LLC raised its position in Montrose Environmental Group by 17.6% during the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after buying an additional 208,785 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in shares of Montrose Environmental Group by 30.4% in the 1st quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock worth $28,685,000 after acquiring an additional 170,924 shares during the period. 87.87% of the stock is currently owned by hedge funds and other 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.