Needham & Company LLC Reaffirms Buy Rating for Montrose Environmental Group (NYSE:MEG)

Montrose Environmental Group (NYSE:MEG - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $39.00 price objective on the stock. Needham & Company LLC's price objective indicates a potential upside of 72.56% from the stock's current price.

A number of other brokerages also recently commented on MEG. JPMorgan Chase & Co. restated 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 cut shares of Montrose Environmental Group from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Stifel Nicolaus cut their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a "buy" rating on the stock in a research note on Wednesday, December 11th. Finally, Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.60.

Montrose Environmental Group Trading Up 1.5 %

MEG traded up $0.33 during midday trading on Friday, reaching $22.60. 319,713 shares of the company's stock traded hands, compared to its average volume of 606,410. Montrose Environmental Group has a 52 week low of $15.21 and a 52 week high of $49.97. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The firm has a fifty day moving average of $18.72 and a two-hundred day moving average of $26.20. The stock has a market capitalization of $775.21 million, a price-to-earnings ratio of -15.17 and a beta of 1.70.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. boosted its stake in Montrose Environmental Group by 43.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company's stock worth $86,000 after acquiring an additional 586 shares in the last quarter. Avanza Fonder AB bought a new position in Montrose Environmental Group during the 4th quarter valued at approximately $105,000. Point72 DIFC Ltd bought a new position in Montrose Environmental Group during the 3rd quarter valued at approximately $111,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Montrose Environmental Group during the third quarter valued at $212,000. Finally, Net Worth Advisory Group bought a new stake in Montrose Environmental Group in the third quarter worth $213,000. 87.87% of the stock is currently owned by 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.