Montrose Environmental Group (NYSE:MEG) Stock Price Up 8% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) rose 8% during trading on Monday . The stock traded as high as $15.85 and last traded at $15.80. Approximately 101,811 shares changed hands during trading, a decline of 80% from the average daily volume of 521,641 shares. The stock had previously closed at $14.63.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MEG shares. Needham & Company LLC reissued a “buy” rating and issued a $39.00 target price on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Evercore ISI decreased their price objective 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. Finally, Stifel Nicolaus dropped their price objective on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Performance

The firm has a 50 day moving average of $19.22 and a 200-day moving average of $21.11. The company has a market cap of $529.49 million, a P/E ratio of -10.40 and a beta of 1.72. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Trading of Montrose Environmental Group

Several institutional investors and hedge funds have recently made changes to their positions in MEG. Bamco Inc. NY raised its stake in Montrose Environmental Group by 84.5% in the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company’s stock worth $42,528,000 after buying an additional 1,050,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Montrose Environmental Group by 3.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company’s stock valued at $42,316,000 after purchasing an additional 67,280 shares in the last quarter. Fred Alger Management LLC grew its stake in Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after purchasing an additional 470,706 shares during the last quarter. Bank of America Corp DE raised its holdings in Montrose Environmental Group by 42.2% in the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company’s stock worth $33,743,000 after purchasing an additional 539,779 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Montrose Environmental Group by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock worth $33,437,000 after purchasing an additional 11,211 shares in the last quarter. 87.87% of the stock is currently owned by 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.