Montrose Environmental Group (NYSE:MEG) Stock Price Up 3.5% – Time to Buy?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) rose 3.5% on Tuesday . The stock traded as high as $22.65 and last traded at $22.53. Approximately 199,684 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 388,600 shares. The stock had previously closed at $21.76.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MEG shares. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a report on Thursday, October 17th. Needham & Company LLC dropped their target price on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. reissued 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Stock Performance

The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The business has a 50 day moving average of $25.83 and a 200 day moving average of $34.99. The company has a market capitalization of $696.29 million, a P/E ratio of -14.76 and a beta of 1.86.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Fred Alger Management LLC raised its stake in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after acquiring an additional 470,706 shares during the period. Verition Fund Management LLC bought a new position in Montrose Environmental Group in the 3rd quarter valued at $395,000. Rockefeller Capital Management L.P. increased its stake in Montrose Environmental Group by 189.3% in the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock worth $1,223,000 after purchasing an additional 30,437 shares during the period. Walleye Capital LLC bought a new position in shares of Montrose Environmental Group in the third quarter worth about $1,339,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Montrose Environmental Group by 147.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,571 shares of the company’s stock worth $278,000 after buying an additional 6,294 shares during the period. 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.