Montrose Environmental Group (NYSE:MEG) Stock Price Up 7.7% – Still a Buy?

Montrose Environmental Group, Inc. (NYSE:MEG) was up 7.7% on Thursday . The stock traded as high as $21.80 and last traded at $22.03. Approximately 156,863 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 505,408 shares. The stock had previously closed at $20.46.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MEG. Needham & Company LLC restated a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research note on Tuesday, January 28th. Stifel Nicolaus decreased 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. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research report on Thursday, October 17th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Finally, Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Stock Performance

The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $730.73 million, a PE ratio of -14.28 and a beta of 1.71. The business’s 50 day simple moving average is $19.41 and its two-hundred day simple moving average is $24.44.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fred Alger Management LLC increased 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 purchasing an additional 470,706 shares in the last quarter. Bamco Inc. NY increased its stake in shares of Montrose Environmental Group by 7.4% in the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock valued at $32,681,000 after purchasing an additional 86,000 shares during the period. Geode Capital Management LLC boosted its stake in Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock valued at $18,850,000 after purchasing an additional 23,356 shares in the last quarter. State Street Corp lifted its holdings in shares of Montrose Environmental Group by 0.8% in the third quarter. State Street Corp now owns 679,871 shares of the company’s stock valued at $17,881,000 after buying an additional 5,687 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Montrose Environmental Group by 50.6% in the fourth quarter. Bank of New York Mellon Corp now owns 482,165 shares of the company’s stock valued at $8,944,000 after buying an additional 161,957 shares in the last quarter. Hedge funds and other 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.