19,741 Shares in Montrose Environmental Group, Inc. $MEG Purchased by Jump Financial LLC

Key Points

• Jump Financial LLC acquired 19,741 shares of Montrose Environmental Group, Inc. (NYSE: MEG), valued at approximately $282,000, representing about 0.06% of the company's stock.
• Montrose Environmental Group's board approved a $40.00 million stock buyback plan, allowing the company to repurchase up to 7.7% of its shares, indicating potential undervaluation.
• The company's stock is currently trading at $28.65, down by 6.6%, with a 52-week range of $10.51 to $33.04.

Jump Financial LLC acquired a new stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 19,741 shares of the company's stock, valued at approximately $282,000. Jump Financial LLC owned approximately 0.06% of Montrose Environmental Group as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in Montrose Environmental Group by 4.3% in the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock valued at $643,000 after purchasing an additional 1,875 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Montrose Environmental Group by 156.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 44,608 shares of the company's stock valued at $636,000 after purchasing an additional 27,237 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Montrose Environmental Group in the 1st quarter valued at $627,000. Oppenheimer Asset Management Inc. lifted its holdings in Montrose Environmental Group by 23.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 19,023 shares of the company's stock valued at $271,000 after purchasing an additional 3,598 shares in the last quarter. Finally, Natixis Advisors LLC purchased a new position in Montrose Environmental Group in the 1st quarter valued at $254,000. Hedge funds and other institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Trading Up 3.4%

Shares of MEG traded up $0.99 during midday trading on Friday, reaching $30.31. The company had a trading volume of 378,741 shares, compared to its average volume of 543,288. The firm has a 50 day simple moving average of $25.15 and a 200-day simple moving average of $20.16. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60. The stock has a market cap of $1.07 billion, a PE ratio of -20.07, a price-to-earnings-growth ratio of 3.03 and a beta of 1.84. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $32.00.

Analysts Set New Price Targets

A number of brokerages have weighed in on MEG. Needham & Company LLC restated a "buy" rating and issued a $31.00 price objective (up previously from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Wall Street Zen raised Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Montrose Environmental Group presently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

Montrose Environmental Group Profile

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.