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

Montrose Environmental Group (NYSE:MEG - Get Free Report) had its price target increased by equities research analysts at Needham & Company LLC from $28.00 to $30.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 61.20% from the stock's current price.

Separately, Evercore ISI reduced their target price on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a research note on Monday, February 10th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.80.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG traded down $0.72 during trading on Friday, reaching $18.61. 452,213 shares of the company's stock traded hands, compared to its average volume of 529,364. The firm has a market cap of $645.10 million, a PE ratio of -12.49 and a beta of 1.80. Montrose Environmental Group has a fifty-two week low of $10.51 and a fifty-two week high of $49.97. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a 50-day simple moving average of $14.86 and a 200-day simple moving average of $18.19.

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

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new position in Montrose Environmental Group during the fourth quarter worth $36,000. KBC Group NV raised its holdings in shares of 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 acquiring an additional 1,613 shares during the period. Avanza Fonder AB acquired a new position in shares of Montrose Environmental Group during the 4th quarter valued at about $105,000. PNC Financial Services Group Inc. grew its holdings in shares of Montrose Environmental Group by 42.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock valued at $118,000 after purchasing an additional 1,898 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Montrose Environmental Group in the fourth quarter valued at about $130,000. Institutional investors and hedge funds own 87.87% of the company's stock.

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.