Montrose Environmental Group’s (MEG) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a report released on Friday,Benzinga reports. The brokerage currently has a $39.00 price target on the stock.

Several other brokerages also recently commented on MEG. Stifel Nicolaus cut their price objective on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, 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 research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Stock Up 1.5 %

Shares of NYSE:MEG opened at $22.60 on Friday. The firm has a market capitalization of $775.21 million, a PE ratio of -15.17 and a beta of 1.70. The business has a 50 day simple moving average of $18.77 and a two-hundred day simple moving average of $25.86. Montrose Environmental Group has a 1 year low of $15.21 and a 1 year high of $49.97. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Montrose Environmental Group by 43.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after purchasing an additional 586 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Montrose Environmental Group during the third quarter worth $111,000. Avanza Fonder AB bought a new stake in Montrose Environmental Group during the 4th quarter valued at $105,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Montrose Environmental Group in the 3rd quarter valued at $212,000. Finally, Net Worth Advisory Group bought a new position in shares of Montrose Environmental Group in the 3rd quarter worth $213,000. 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.