Montrose Environmental Group (NYSE:MEG) Shares Gap Up – Should You Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $17.44, but opened at $18.92. Montrose Environmental Group shares last traded at $21.14, with a volume of 51,773 shares traded.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. Evercore ISI cut their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a report on Monday, February 10th. Stifel Nicolaus dropped their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Montrose Environmental Group has an average rating of “Moderate Buy” and an average price target of $33.60.

Montrose Environmental Group Stock Performance

The firm has a 50-day moving average price of $19.84 and a 200 day moving average price of $23.19. The firm has a market capitalization of $764.57 million, a PE ratio of -15.00 and a beta of 1.71. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Paradigm Capital Management Inc. NY purchased a new position in shares of Montrose Environmental Group in the 4th quarter valued at $1,855,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 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 worth $42,316,000 after purchasing an additional 67,280 shares in the last quarter. Toronto Dominion Bank purchased a new stake in shares of Montrose Environmental Group in the 4th quarter valued at about $2,505,000. Point72 Asset Management L.P. increased its position in Montrose Environmental Group by 13.4% during the fourth quarter. Point72 Asset Management L.P. now owns 36,000 shares of the company’s stock worth $668,000 after buying an additional 4,243 shares during the period. Finally, Millennium Management LLC grew its position in Montrose Environmental Group by 52.6% during the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock worth $26,744,000 after purchasing an additional 496,661 shares during the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

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.