Montrose Environmental Group (NYSE:MEG) Trading Up 8% - Still a Buy?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) were up 8% during trading on Monday . The company traded as high as $15.85 and last traded at $15.80. Approximately 101,811 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 521,641 shares. The stock had previously closed at $14.63.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Evercore ISI lowered their target price on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, February 10th. Needham & Company LLC reissued a "buy" rating and set a $39.00 price objective on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus cut their target price 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 analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Montrose Environmental Group Trading Down 3.0 %

The stock has a market cap of $498.30 million, a price-to-earnings ratio of -9.64 and a beta of 1.72. 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 company has a 50 day moving average of $18.92 and a 200-day moving average of $21.03.

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Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Montrose Environmental Group by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company's stock worth $336,000 after acquiring an additional 636 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Montrose Environmental Group by 1.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock worth $1,686,000 after purchasing an additional 1,108 shares in the last quarter. Wrapmanager Inc. increased its holdings in Montrose Environmental Group by 12.8% in the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock valued at $187,000 after buying an additional 1,150 shares during the last quarter. Walleye Capital LLC raised its stake in Montrose Environmental Group by 2.3% in the fourth quarter. Walleye Capital LLC now owns 52,101 shares of the company's stock valued at $966,000 after buying an additional 1,173 shares in the last quarter. Finally, Natixis Advisors LLC lifted its holdings in Montrose Environmental Group by 6.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,879 shares of the company's stock worth $549,000 after buying an additional 1,351 shares during 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.