Walleye Capital LLC Takes Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Walleye Capital LLC purchased a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 50,928 shares of the company's stock, valued at approximately $1,339,000. Walleye Capital LLC owned approximately 0.15% of Montrose Environmental Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MEG. Driehaus Capital Management LLC grew its position in Montrose Environmental Group by 253.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company's stock worth $51,210,000 after purchasing an additional 823,636 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Montrose Environmental Group by 271.2% during the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company's stock worth $16,844,000 after buying an additional 276,166 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Montrose Environmental Group in the 3rd quarter valued at about $6,801,000. Victory Capital Management Inc. purchased a new stake in Montrose Environmental Group during the 2nd quarter valued at approximately $10,666,000. Finally, Fred Alger Management LLC lifted its position in Montrose Environmental Group by 17.6% during the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company's stock worth $62,192,000 after acquiring an additional 208,785 shares during the period. 87.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a report on Thursday, October 17th. Bank of America lowered shares of Montrose Environmental Group from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC reduced their price objective on shares of Montrose Environmental Group from $54.00 to $44.00 and set a "buy" rating for the company in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.20.

Montrose Environmental Group Price Performance

Shares of MEG traded up $0.36 during trading hours on Friday, reaching $16.96. The company had a trading volume of 654,900 shares, compared to its average volume of 416,706. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a 12-month low of $16.06 and a 12-month high of $49.97. The firm has a 50 day simple moving average of $22.55 and a 200-day simple moving average of $32.09. The company has a market capitalization of $581.73 million, a price-to-earnings ratio of -11.38 and a beta of 1.71.

Montrose Environmental Group 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.