Montrose Environmental Group, Inc. (NYSE:MEG) Short Interest Update

Montrose Environmental Group, Inc. (NYSE:MEG) was the target of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 2,770,000 shares, a decrease of 19.9% from the November 15th total of 3,460,000 shares. Based on an average trading volume of 701,900 shares, the short-interest ratio is currently 3.9 days.

Institutional Trading of Montrose Environmental Group

A number of hedge funds have recently made changes to their positions in MEG. Fred Alger Management LLC grew its position in shares of Montrose Environmental Group by 33.7% during the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after buying an additional 470,706 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Montrose Environmental Group by 11.4% in the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after purchasing an additional 130,000 shares during the period. Bamco Inc. NY boosted its holdings in Montrose Environmental Group by 7.4% in the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares during the period. Driehaus Capital Management LLC boosted its holdings in Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after purchasing an additional 823,636 shares during the period. Finally, Blair William & Co. IL boosted its holdings in Montrose Environmental Group by 5.1% in the second quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock worth $34,296,000 after purchasing an additional 37,335 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Stock Up 2.5 %

Shares of MEG traded up $0.41 during mid-day trading on Friday, reaching $16.54. 734,308 shares of the stock traded hands, compared to its average volume of 422,334. The firm has a market cap of $567.32 million, a price-to-earnings ratio of -11.10 and a beta of 1.71. The stock has a fifty day simple moving average of $21.68 and a 200 day simple moving average of $30.53. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Analyst Upgrades and Downgrades

Several research firms recently commented on MEG. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Needham & Company LLC cut their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 17th. Stifel Nicolaus cut 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. Finally, Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

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.