Montrose Environmental Group (NYSE:MEG) Trading 4.9% Higher - Here's What Happened

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) traded up 4.9% during trading on Thursday . The stock traded as high as $23.50 and last traded at $23.43. 98,996 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 541,070 shares. The stock had previously closed at $22.33.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC boosted their target price on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $31.80.

Montrose Environmental Group Stock Down 1.2%

The stock has a market cap of $802.44 million, a P/E ratio of -15.53 and a beta of 1.89. The firm has a 50 day simple moving average of $17.22 and a 200-day simple moving average of $17.94. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 7th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Montrose Environmental Group by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company's stock worth $336,000 after buying an additional 636 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Montrose Environmental Group by 1.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock worth $1,686,000 after acquiring an additional 1,108 shares during the period. Wrapmanager Inc. grew its position in shares of Montrose Environmental Group by 12.8% in the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock valued at $187,000 after purchasing an additional 1,150 shares during the last quarter. Walleye Capital LLC increased its stake in shares of Montrose Environmental Group by 2.3% during the fourth quarter. Walleye Capital LLC now owns 52,101 shares of the company's stock worth $966,000 after purchasing an additional 1,173 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Montrose Environmental Group by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company's stock worth $4,926,000 after purchasing an additional 1,831 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.