Montrose Environmental Group (NYSE:MEG) Shares Gap Up to $37.15

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $37.15, but opened at $39.05. Montrose Environmental Group shares last traded at $38.69, with a volume of 496,601 shares.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MEG. JPMorgan Chase & Co. increased their price objective on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, April 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $51.00 price objective (up previously from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd.

Montrose Environmental Group Stock Up 6.4 %

The company’s fifty day moving average is $38.07 and its 200-day moving average is $32.24. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.08. The company had revenue of $165.74 million during the quarter, compared to analyst estimates of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. Analysts forecast that Montrose Environmental Group, Inc. will post -0.16 EPS for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Captrust Financial Advisors purchased a new stake in Montrose Environmental Group in the 1st quarter worth approximately $29,000. Stephens Inc. AR grew its holdings in Montrose Environmental Group by 494.2% during the 1st quarter. Stephens Inc. AR now owns 1,432 shares of the company’s stock valued at $51,000 after buying an additional 1,191 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Montrose Environmental Group during the 2nd quarter valued at approximately $57,000. Counterpoint Mutual Funds LLC purchased a new stake in Montrose Environmental Group during the 3rd quarter valued at approximately $67,000. Finally, Citigroup Inc. grew its holdings in Montrose Environmental Group by 22.1% during the 4th quarter. Citigroup Inc. now owns 1,633 shares of the company’s stock valued at $72,000 after buying an additional 296 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other 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.