Montrose Environmental Group (NYSE:MEG) Given New $30.00 Price Target at Needham & Company LLC

Montrose Environmental Group (NYSE:MEG - Get Free Report) had its target price hoisted by Needham & Company LLC from $28.00 to $30.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 58.65% from the company's previous close.

Separately, Evercore ISI decreased their price target on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.80.

Montrose Environmental Group Stock Performance

Shares of NYSE:MEG traded up $0.31 on Friday, hitting $18.91. 215,213 shares of the company were exchanged, compared to its average volume of 523,386. Montrose Environmental Group has a one year low of $10.51 and a one year high of $49.97. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The firm has a market capitalization of $655.50 million, a price-to-earnings ratio of -12.69 and a beta of 1.80. The company's 50 day moving average price is $14.88 and its two-hundred day moving average price is $18.20.

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.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MEG. Quarry LP bought a new position in shares of Montrose Environmental Group in the fourth quarter valued at about $36,000. KBC Group NV raised its holdings in Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company's stock worth $54,000 after purchasing an additional 1,613 shares during the last quarter. AlphaQuest LLC lifted its position in Montrose Environmental Group by 569.3% during the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock valued at $58,000 after purchasing an additional 3,484 shares during the period. Brooklyn Investment Group bought a new position in shares of Montrose Environmental Group in the 1st quarter valued at about $79,000. Finally, Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group during the 4th quarter worth approximately $105,000. 87.87% of the stock is owned by institutional investors and hedge funds.

Montrose Environmental Group Company Profile

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.