Montrose Environmental Group (NYSE:MEG) Stock Price Up 4.4%

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s stock price shot up 4.4% during mid-day trading on Tuesday . The stock traded as high as $41.20 and last traded at $41.13. 38,959 shares were traded during mid-day trading, a decline of 80% from the average session volume of 199,654 shares. The stock had previously closed at $39.40.

Analysts Set New Price Targets

MEG has been the topic of several analyst reports. Needham & Company LLC reissued a "buy" rating and set a $54.00 target price on shares of Montrose Environmental Group in a research report on Friday, March 1st. JPMorgan Chase & Co. upped their price target on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an "overweight" rating in a report on Friday, March 1st. Finally, Stifel Nicolaus raised their price objective on Montrose Environmental Group from $36.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, March 1st.

Montrose Environmental Group Price Performance

The firm has a 50-day simple moving average of $35.04 and a 200-day simple moving average of $31.13. The firm has a market cap of $1.34 billion, a P/E ratio of -28.06 and a beta of 2.00. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates 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. As a group, analysts forecast that Montrose Environmental Group, Inc. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Captrust Financial Advisors acquired a new position in shares of Montrose Environmental Group during the first quarter valued at about $29,000. Pinebridge Investments L.P. acquired a new position in Montrose Environmental Group during the 2nd quarter valued at approximately $58,000. Stephens Inc. AR raised its holdings in shares of Montrose Environmental Group by 494.2% in the first quarter. Stephens Inc. AR now owns 1,432 shares of the company's stock worth $51,000 after buying an additional 1,191 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Montrose Environmental Group by 22.1% during the fourth quarter. Citigroup Inc. now owns 1,633 shares of the company's stock worth $72,000 after buying an additional 296 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Montrose Environmental Group during the second quarter valued at $57,000. 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.