Montrose Environmental Group (NYSE:MEG) Rating Reiterated by Needham & Company LLC

Montrose Environmental Group (NYSE:MEG - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They currently have a $54.00 price target on the stock. Needham & Company LLC's price target suggests a potential upside of 23.03% from the stock's current price.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Montrose Environmental Group from $41.00 to $47.00 and gave the stock an "overweight" rating in a research report on Friday, March 1st. Stifel Nicolaus restated a "buy" rating and set a $51.00 target price (up from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock traded down $0.07 during mid-day trading on Thursday, hitting $43.89. 266,866 shares of the company were exchanged, compared to its average volume of 209,381. The company has a market capitalization of $1.34 billion, a PE ratio of -27.84 and a beta of 2.00. The business has a fifty day moving average of $35.58 and a 200 day moving average of $31.30. Montrose Environmental Group has a 1-year low of $21.96 and a 1-year high of $45.96. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last announced its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.08. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. The business had revenue of $165.74 million during the quarter, compared to analysts' expectations of $157.31 million. As a group, sell-side analysts expect that Montrose Environmental Group will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors bought a new position in Montrose Environmental Group during the first quarter worth about $29,000. Stephens Inc. AR raised its holdings in Montrose Environmental Group by 494.2% during the 1st 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 period. Point72 Hong Kong Ltd bought a new position in Montrose Environmental Group in the second quarter valued at approximately $57,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Montrose Environmental Group in the third quarter valued at approximately $67,000. Finally, Citigroup Inc. boosted its holdings in shares of Montrose Environmental Group by 22.1% in the fourth quarter. Citigroup Inc. now owns 1,633 shares of the company's stock valued at $72,000 after buying an additional 296 shares during the period. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.