Montrose Environmental Group (NYSE:MEG) Shares Gap Up – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $17.44, but opened at $18.92. Montrose Environmental Group shares last traded at $21.14, with a volume of 51,773 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MEG shares. Evercore ISI cut their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, February 10th. Stifel Nicolaus cut their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 target price (down 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 price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Down 15.8 %

The business’s 50 day moving average is $20.03 and its 200-day moving average is $23.11. The stock has a market cap of $668.35 million, a price-to-earnings ratio of -13.08 and a beta of 1.71. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently added to or reduced their stakes in MEG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 purchasing an additional 636 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Montrose Environmental Group by 1.2% during the 4th 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 during the last quarter. Wrapmanager Inc. boosted its stake in Montrose Environmental Group by 12.8% during the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock worth $187,000 after purchasing an additional 1,150 shares during the last quarter. Walleye Capital LLC boosted its stake in Montrose Environmental Group by 2.3% during the 4th quarter. Walleye Capital LLC now owns 52,101 shares of the company’s stock worth $966,000 after purchasing an additional 1,173 shares during the last quarter. Finally, Natixis Advisors LLC boosted its stake 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 purchasing an additional 1,351 shares during the last quarter. Institutional investors and hedge funds 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.