Montrose Environmental Group (NYSE:ONT) Sees Unusually-High Trading Volume – Time to Buy?

Montrose Environmental Group, Inc. (NYSE:ONT) shares saw unusually-high trading volume on Wednesday . Approximately 537,500 shares changed hands during trading, an increase of 15% from the previous session’s volume of 465,499 shares.The stock last traded at $17.63 and had previously closed at $16.80.

Analysts Set New Price Targets

ONT has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Barclays dropped their target price on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 18th. Needham & Company LLC reduced their price target on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $26.67.

Montrose Environmental Group Stock Performance

The business’s 50-day simple moving average is $17.76 and its two-hundred day simple moving average is $21.93. The firm has a market cap of $662.08 million, a price-to-earnings ratio of 366.47, a P/E/G ratio of 1.33 and a beta of 1.72. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76.

Insider Activity

In other Montrose Environmental Group news, Director Peter Graham acquired 25,140 shares of the company’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $17.19 per share, with a total value of $432,156.60. Following the completion of the acquisition, the director owned 256,689 shares in the company, valued at approximately $4,412,483.91. This trade represents a 10.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Allan Dicks acquired 6,535 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $15.36 per share, with a total value of $100,377.60. Following the completion of the transaction, the chief financial officer directly owned 218,178 shares of the company’s stock, valued at approximately $3,351,214.08. This represents a 3.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 36,535 shares of company stock valued at $610,003. 10.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ONT. Advisory Services Network LLC purchased a new stake in Montrose Environmental Group in the 3rd quarter worth $32,000. Canada Pension Plan Investment Board lifted its holdings in Montrose Environmental Group by 533.3% during the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after purchasing an additional 1,600 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Montrose Environmental Group in the fourth quarter valued at about $75,000. Tower Research Capital LLC TRC grew its position in shares of Montrose Environmental Group by 95.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after purchasing an additional 1,508 shares during the period. Finally, Assetmark Inc. purchased a new stake in shares of Montrose Environmental Group during the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.