Montrose Environmental Group (NYSE:MEG) Shares Up 6.6% – Still a Buy?

Montrose Environmental Group, Inc. (NYSE:MEG) shot up 6.6% during trading on Wednesday . The stock traded as high as $17.54 and last traded at $17.54. 507,038 shares traded hands during trading, an increase of 26% from the average session volume of 401,351 shares. The stock had previously closed at $16.46.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MEG shares. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research report on Thursday, October 17th. JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Needham & Company LLC dropped their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Trading Up 9.0 %

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 cap of $615.34 million, a price-to-earnings ratio of -11.05 and a beta of 1.86. The firm has a 50-day moving average price of $25.01 and a 200 day moving average price of $34.22.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after acquiring an additional 586 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Montrose Environmental Group during the 3rd quarter worth about $111,000. Los Angeles Capital Management LLC purchased a new stake in Montrose Environmental Group during the second quarter valued at about $204,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Montrose Environmental Group by 11.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after buying an additional 504 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in shares of Montrose Environmental Group in the first quarter worth approximately $271,000. 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.