Montrose Environmental Group (NYSE:MEG) Trading Up 3.5% – Still a Buy?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price rose 3.5% during trading on Tuesday . The company traded as high as $22.65 and last traded at $22.53. Approximately 199,684 shares traded hands during trading, a decline of 49% from the average daily volume of 388,600 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MEG shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a report on Friday. Needham & Company LLC reduced 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 research report on Friday. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.20.

Montrose Environmental Group Price Performance

The company has a market capitalization of $751.69 million, a P/E ratio of -14.61 and a beta of 1.86. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. The firm’s 50-day moving average is $26.23 and its 200-day moving average is $35.23.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new position in shares of Montrose Environmental Group during the 2nd quarter worth $1,095,000. Ghisallo Capital Management LLC purchased a new stake in Montrose Environmental Group during the second quarter worth about $3,119,000. Moody National Bank Trust Division acquired a new position in shares of Montrose Environmental Group during the second quarter worth about $1,159,000. Lord Abbett & CO. LLC acquired a new position in shares of Montrose Environmental Group during the first quarter worth about $1,461,000. Finally, Driehaus Capital Management LLC grew its position in shares of Montrose Environmental Group by 253.0% during the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

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.