Montrose Environmental Group (NYSE:MEG) Stock Price Up 7.4% – Time to Buy?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) shot up 7.4% during trading on Monday . The stock traded as high as $18.85 and last traded at $18.74. 245,975 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 429,777 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MEG shares. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a report on Thursday, October 17th. Stifel Nicolaus lowered their price target on 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 price target (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Finally, Needham & Company LLC reduced their price target on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Montrose Environmental Group has an average rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Stock Performance

The firm has a market capitalization of $651.38 million, a P/E ratio of -12.74 and a beta of 1.71. The company has a 50-day moving average of $20.40 and a 200-day moving average of $28.53. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently modified their holdings of MEG. Bank of New York Mellon Corp boosted its position in 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 valued at $16,844,000 after acquiring an additional 276,166 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Montrose Environmental Group in the second quarter worth approximately $1,022,000. Van ECK Associates Corp lifted its stake in Montrose Environmental Group by 61.2% in the second quarter. Van ECK Associates Corp now owns 63,224 shares of the company’s stock valued at $2,817,000 after buying an additional 24,002 shares during the period. Lisanti Capital Growth LLC boosted its holdings in shares of Montrose Environmental Group by 23.4% during the 2nd quarter. Lisanti Capital Growth LLC now owns 68,460 shares of the company’s stock worth $3,051,000 after buying an additional 12,960 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in shares of Montrose Environmental Group by 25.2% during the 2nd quarter. Natixis Advisors LLC now owns 19,528 shares of the company’s stock worth $870,000 after buying an additional 3,925 shares during the period. 87.87% of the stock is owned by institutional investors.

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.