Trexquant Investment LP Grows Position in Montrose Environmental Group, Inc. $MEG

Key Points

• Trexquant Investment LP increased its stake in Montrose Environmental Group by 53.6%, acquiring an additional 59,829 shares during the first quarter, bringing its total ownership to 171,374 shares valued at approximately $2.44 million.
• Montrose Environmental Group's stock is currently rated as a "Moderate Buy" with a target price of $32.00, noted by multiple analysts, after recent upgrades from firms including Needham & Company LLC.
• The company has initiated a $40 million stock buyback program, allowing it to repurchase up to 7.7% of its outstanding shares, indicating the board's belief that the shares are undervalued.

Trexquant Investment LP grew its stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 53.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,374 shares of the company's stock after buying an additional 59,829 shares during the quarter. Trexquant Investment LP owned approximately 0.49% of Montrose Environmental Group worth $2,444,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. B. Metzler seel. Sohn & Co. AG increased its position in Montrose Environmental Group by 19.1% in the first quarter. B. Metzler seel. Sohn & Co. AG now owns 13,463 shares of the company's stock worth $192,000 after buying an additional 2,161 shares in the last quarter. Synovus Financial Corp purchased a new stake in shares of Montrose Environmental Group during the first quarter worth about $174,000. Jump Financial LLC purchased a new stake in shares of Montrose Environmental Group during the first quarter worth about $282,000. AlphaQuest LLC grew its position in shares of Montrose Environmental Group by 569.3% during the first 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. Finally, Cladis Investment Advisory LLC grew its position in shares of Montrose Environmental Group by 25.1% during the first quarter. Cladis Investment Advisory LLC now owns 67,750 shares of the company's stock worth $966,000 after purchasing an additional 13,600 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on MEG. Needham & Company LLC reiterated a "buy" rating and set a $31.00 target price (up previously from $30.00) on shares of Montrose Environmental Group in a research report on Friday, August 8th. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Three research 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 has a consensus rating of "Moderate Buy" and an average price target of $32.00.

Montrose Environmental Group Price Performance

NYSE MEG traded down $0.80 during trading on Tuesday, hitting $28.41. 91,184 shares of the stock traded hands, compared to its average volume of 475,706. The company has a market capitalization of $1.00 billion, a P/E ratio of -18.83, a price-to-earnings-growth ratio of 3.03 and a beta of 1.84. The firm has a 50-day simple moving average of $25.29 and a 200-day simple moving average 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. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $32.00.

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.