Montrose Environmental Group (NYSE:MEG) Shares Up 5.8% - Here's What Happened

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) shares were up 5.8% during trading on Monday . The stock traded as high as $20.30 and last traded at $20.55. Approximately 53,506 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 474,609 shares. The stock had previously closed at $19.43.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Needham & Company LLC restated a "buy" rating and set a $39.00 target price on shares of Montrose Environmental Group in a research report on Tuesday. Bank of America cut shares of Montrose Environmental Group from a "buy" rating to a "neutral" rating and reduced their target price for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI dropped their price target on shares of 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 reduced their price objective on 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.60.

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Montrose Environmental Group Trading Down 9.8 %

The stock's 50-day simple moving average is $20.18 and its two-hundred day simple moving average is $22.73. 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 market capitalization of $615.70 million, a P/E ratio of -12.05 and a beta of 1.71.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Paradigm Capital Management Inc. NY purchased a new stake in shares of Montrose Environmental Group during the fourth quarter worth about $1,855,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Montrose Environmental Group by 3.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company's stock worth $42,316,000 after purchasing an additional 67,280 shares during the period. Toronto Dominion Bank purchased a new stake in Montrose Environmental Group during the 4th quarter valued at approximately $2,505,000. Point72 Asset Management L.P. raised its position in shares of Montrose Environmental Group by 13.4% during the fourth quarter. Point72 Asset Management L.P. now owns 36,000 shares of the company's stock valued at $668,000 after buying an additional 4,243 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Montrose Environmental Group by 52.6% in the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock worth $26,744,000 after buying an additional 496,661 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

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.