Jump Financial LLC Acquires Shares of 19,741 Montrose Environmental Group, Inc. $MEG

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. AlphaQuest LLC raised its holdings in shares of Montrose Environmental Group by 569.3% in the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock worth $58,000 after purchasing an additional 3,484 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Montrose Environmental Group in the 1st quarter worth approximately $79,000. Radnor Capital Management LLC bought a new stake in shares of Montrose Environmental Group in the 1st quarter worth approximately $147,000. Corton Capital Inc. bought a new stake in shares of Montrose Environmental Group in the 4th quarter worth approximately $277,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Montrose Environmental Group by 47.3% in the 4th quarter. Wells Fargo & Company MN now owns 15,474 shares of the company's stock worth $287,000 after purchasing an additional 4,966 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Montrose Environmental Group Trading Down 2.7%

Shares of MEG stock traded down $0.80 during trading hours on Tuesday, reaching $28.41. 91,184 shares of the stock traded hands, compared to its average volume of 475,706. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $32.00. The business has a fifty day moving average price of $25.29 and a 200 day moving average price of $20.25. 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 firm has a market capitalization of $1.00 billion, a PE ratio of -18.83, a PEG ratio of 3.03 and a beta of 1.84.

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.