Montrose Environmental Group (NYSE:MEG) Stock Price Up 8% – Time to Buy?

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MEG shares. Needham & Company LLC reissued a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Evercore ISI cut their price target on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research note on Monday, February 10th. Finally, Stifel Nicolaus lowered 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. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Price Performance

The firm has a market capitalization of $538.31 million, a P/E ratio of -10.56 and a beta of 1.72. The stock’s fifty day simple moving average is $19.46 and its 200 day simple moving average is $21.32. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds and other institutional investors have recently bought and sold shares of MEG. Quarry LP acquired a new position in Montrose Environmental Group during the 4th quarter valued at about $36,000. KBC Group NV increased its stake in Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after purchasing an additional 1,613 shares in the last quarter. Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth $105,000. Point72 DIFC Ltd purchased a new stake in shares of Montrose Environmental Group during the third quarter valued at $111,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock worth $118,000 after purchasing an additional 1,898 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.