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

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) gapped up prior to trading on Thursday . The stock had previously closed at $17.94, but opened at $18.75. Montrose Environmental Group shares last traded at $19.51, with a volume of 15,795 shares changing hands.

Analyst Ratings Changes

A number of analysts recently commented on MEG shares. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Needham & Company LLC dropped their price objective on 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 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Montrose Environmental Group has an average rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Stock Down 5.0 %

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 market cap of $612.96 million, a PE ratio of -11.99 and a beta of 1.86. The firm has a fifty day simple moving average of $24.41 and a 200 day simple moving average of $33.80.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Benjamin F. Edwards & Company Inc. grew its holdings in Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after buying an additional 586 shares during the period. Point72 DIFC Ltd purchased a new position in Montrose Environmental Group in the third quarter valued at approximately $111,000. CANADA LIFE ASSURANCE Co lifted its position in Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after buying an additional 504 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Montrose Environmental Group during the second quarter worth approximately $204,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Montrose Environmental Group in the third quarter worth $212,000. 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.