Montrose Environmental Group (NYSE:MEG) Trading 4.2% Higher - What's Next?

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s share price rose 4.2% on Wednesday . The stock traded as high as $21.65 and last traded at $21.58. Approximately 284,810 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 569,608 shares. The stock had previously closed at $20.71.

Analyst Ratings Changes

A number of research analysts have commented on the company. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research note on Thursday, October 17th. Stifel Nicolaus decreased their target price on 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. Bank of America cut 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 report on Wednesday, November 6th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Needham & Company LLC reduced their price target on shares of Montrose Environmental Group from $44.00 to $39.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. 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 presently has an average rating of "Moderate Buy" and a consensus price target of $35.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a market capitalization of $713.12 million, a price-to-earnings ratio of -13.95 and a beta of 1.70. The company has a 50 day moving average of $19.18 and a 200 day moving average of $27.09.

Institutional Trading of Montrose Environmental Group

A number of large investors have recently made changes to their positions in MEG. Royce & Associates LP grew its holdings in Montrose Environmental Group by 43.3% during the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company's stock worth $9,075,000 after acquiring an additional 104,320 shares in the last quarter. Ghisallo Capital Management LLC purchased a new stake in shares of Montrose Environmental Group during the 2nd quarter worth $3,119,000. FMR LLC grew its stake in shares of Montrose Environmental Group by 11.1% during the third quarter. FMR LLC now owns 352,264 shares of the company's stock worth $9,265,000 after purchasing an additional 35,314 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Montrose Environmental Group in the third quarter valued at $6,801,000. Finally, Rockefeller Capital Management L.P. increased its holdings in Montrose Environmental Group by 189.3% in the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company's stock valued at $1,223,000 after buying an additional 30,437 shares during the last quarter. 87.87% of the stock is currently 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.