Montrose Environmental Group (NYSE:MEG) Stock Price Up 4.2% – Still a Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price traded up 4.2% during trading on Wednesday . The stock traded as high as $21.65 and last traded at $21.58. 284,810 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 569,608 shares. The stock had previously closed at $20.71.

Wall Street Analyst Weigh In

MEG has been the topic of a number of recent research reports. Needham & Company LLC lowered their target price on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Stifel Nicolaus dropped their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Finally, Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Stock Performance

The firm has a market cap of $742.62 million, a price-to-earnings ratio of -14.53 and a beta of 1.70. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a 50 day moving average of $18.99 and a 200 day moving average of $26.87.

Institutional Trading of Montrose Environmental Group

A number of institutional investors and hedge funds have recently made changes to their positions in MEG. Royce & Associates LP lifted its stake in Montrose Environmental Group by 43.3% during the third quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after purchasing an additional 104,320 shares during the last quarter. Ghisallo Capital Management LLC bought a new stake in shares of Montrose Environmental Group during the 2nd quarter worth $3,119,000. FMR LLC lifted its position in shares of Montrose Environmental Group by 11.1% during the 3rd quarter. FMR LLC now owns 352,264 shares of the company’s stock worth $9,265,000 after buying an additional 35,314 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Montrose Environmental Group in the third quarter valued at about $6,801,000. Finally, Rockefeller Capital Management L.P. raised its stake in Montrose Environmental Group by 189.3% during the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock worth $1,223,000 after acquiring an additional 30,437 shares in the last quarter. 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.