Montrose Environmental Group (NYSE:MEG) Shares Gap Up to $37.15

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $37.15, but opened at $39.05. Montrose Environmental Group shares last traded at $38.69, with a volume of 496,601 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Stifel Nicolaus reissued a "buy" rating and issued a $51.00 price target (up from $48.00) on shares of Montrose Environmental Group in a report on Wednesday, April 3rd. JPMorgan Chase & Co. boosted their price target on Montrose Environmental Group from $41.00 to $47.00 and gave the company an "overweight" rating in a report on Friday, March 1st. Finally, Needham & Company LLC reissued a "buy" rating and issued a $54.00 price target on shares of Montrose Environmental Group in a report on Thursday, April 4th.

Montrose Environmental Group Trading Up 12.8 %

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.59 and a current ratio of 1.59. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -26.53 and a beta of 2.00. The company has a 50 day moving average price of $38.25 and a two-hundred day moving average price of $32.31.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.08. Montrose Environmental Group had a negative return on equity of 5.64% and a negative net margin of 4.94%. The firm had revenue of $165.74 million during the quarter, compared to analysts' expectations of $157.31 million. On average, research analysts forecast that Montrose Environmental Group, Inc. will post -0.16 EPS for the current year.

Institutional Trading of Montrose Environmental Group

Several large investors have recently made changes to their positions in the company. Captrust Financial Advisors purchased a new stake in Montrose Environmental Group in the 1st quarter valued at $29,000. Stephens Inc. AR grew its holdings in Montrose Environmental Group by 494.2% in the 1st quarter. Stephens Inc. AR now owns 1,432 shares of the company's stock valued at $51,000 after buying an additional 1,191 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Montrose Environmental Group by 22.1% during the 4th quarter. Citigroup Inc. now owns 1,633 shares of the company's stock worth $72,000 after purchasing an additional 296 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Montrose Environmental Group during the 2nd quarter worth $57,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of Montrose Environmental Group during the 3rd quarter worth $67,000. 87.87% of the stock is currently owned by hedge funds and other 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.