Montrose Environmental Group (NYSE:ONT) Stock Price Up 16.5% - Should You Buy?

Key Points

• Montrose Environmental Group shares jumped 16.5% to $17.58, though trading volume was 43% below the average session volume.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating, with one Buy, three Hold and two Sell ratings, and an average price target of $20.75.
• Insiders bought 36,535 shares worth approximately $610,000 over the past 90 days, while institutional investors own 87.87% of the company.

Shares of Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report) rose 16.5% on Friday . The company traded as high as $17.61 and last traded at $17.58. 289,305 shares changed hands during trading, a decline of 43% from the average session volume of 506,669 shares. The stock had previously closed at $15.09.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ONT shares. Bank of America downgraded Montrose Environmental Group from a "neutral" rating to an "underperform" rating and set a $18.00 price objective for the company. in a research note on Thursday. Needham & Company LLC decreased their target price on shares of Montrose Environmental Group from $35.00 to $28.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Zacks Research raised shares of Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Wall Street Zen lowered shares of Montrose Environmental Group from a "hold" rating to a "sell" rating in a research report on Monday. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $20.75.

Montrose Environmental Group Stock Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76. The business has a 50 day moving average price of $19.11 and a two-hundred day moving average price of $20.84. The stock has a market cap of $619.80 million, a P/E ratio of -51.97, a price-to-earnings-growth ratio of 1.66 and a beta of 1.66.

Insider Activity at Montrose Environmental Group

In related news, CFO Allan Dicks bought 6,535 shares of the stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $15.36 per share, with a total value of $100,377.60. Following the completion of the acquisition, the chief financial officer owned 218,178 shares of the company's stock, valued at $3,351,214.08. This represents a 3.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter Graham bought 25,140 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $17.19 per share, with a total value of $432,156.60. Following the transaction, the director owned 256,689 shares of the company's stock, valued at $4,412,483.91. The trade was a 10.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 36,535 shares of company stock valued at $610,003 over the last 90 days. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Montrose Environmental Group

Several hedge funds have recently bought and sold shares of ONT. Advisory Services Network LLC purchased a new stake in shares of Montrose Environmental Group in the third quarter worth about $32,000. Canada Pension Plan Investment Board increased its stake in Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company's stock worth $42,000 after acquiring an additional 1,600 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new stake in Montrose Environmental Group in the 4th quarter worth approximately $75,000. Tower Research Capital LLC TRC raised its holdings in shares of Montrose Environmental Group by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company's stock worth $68,000 after acquiring an additional 1,508 shares in the last quarter. Finally, Assetmark Inc. purchased a new stake in shares of Montrose Environmental Group during the 4th quarter worth approximately $84,000. Hedge funds and other institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group NYSE: MEG is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose's core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.

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