Montrose Environmental Group (NYSE:MEG) Trading 4.9% Higher - Should You Buy?

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) shares traded up 4.9% on Thursday . The stock traded as high as $23.50 and last traded at $23.43. 98,996 shares were traded during 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 upped their price target on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $31.80.

Montrose Environmental Group Trading Down 2.0%

The company has a market cap of $796.23 million, a PE ratio of -15.42 and a beta of 1.89. The business's 50-day simple moving average is $17.47 and its 200-day simple moving average is $17.97. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group declared that its board has approved a share buyback plan on Wednesday, May 7th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors have recently modified their holdings of MEG. Bamco Inc. NY boosted its holdings in Montrose Environmental Group by 84.5% during the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after purchasing an additional 1,050,000 shares during the last quarter. William Blair Investment Management LLC increased its position in Montrose Environmental Group by 175.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after acquiring an additional 934,938 shares during the period. Bank of America Corp DE increased its holdings in Montrose Environmental Group by 42.2% in the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock valued at $33,743,000 after buying an additional 539,779 shares during the period. Royce & Associates LP increased its holdings in Montrose Environmental Group by 167.5% in the 1st quarter. Royce & Associates LP now owns 852,849 shares of the company's stock valued at $12,162,000 after buying an additional 533,986 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Montrose Environmental Group by 52.6% in the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock valued at $26,744,000 after purchasing an additional 496,661 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

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.