Montrose Environmental Group (NYSE:ONT) Stock Price Up 8.4% - What's Next?

Key Points

• Montrose Environmental Group shares rose 8.4% to $16.17 in midday trading, although volume was 89% below the average daily level.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating, with one Buy, three Hold, and two Sell ratings, and a consensus price target of $17.50.
• The company beat quarterly expectations, reporting $0.51 in EPS versus an estimated $0.08 and revenue of $186.66 million versus $179.69 million; institutional investors own 87.87% of the shares.

Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report) shares shot up 8.4% during mid-day trading on Monday. The company traded as high as $16.23 and last traded at $16.17. 62,087 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 565,886 shares. The stock had previously closed at $14.92.

Analyst Upgrades and Downgrades

ONT has been the topic of a number of research reports. Barclays cut shares of Montrose Environmental Group from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $19.00 to $15.00 in a report on Friday, August 7th. Bank of America lowered shares of Montrose Environmental Group from a "neutral" rating to an "underperform" rating and set a $18.00 price target for the company. in a research note on Thursday, August 6th. Weiss Ratings cut shares of Montrose Environmental Group from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Montrose Environmental Group from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Thursday, October 8th. Finally, Wall Street Zen lowered shares of Montrose Environmental Group from a "hold" rating to a "sell" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $17.50.

Montrose Environmental Group Price Performance

The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.84. The firm has a fifty day moving average price of $15.58 and a two-hundred day moving average price of $19.39. The stock has a market capitalization of $567.89 million, a P/E ratio of -49.00, a P/E/G ratio of 1.53 and a beta of 1.80.

Montrose Environmental Group (NYSE:ONT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.08 by $0.43. The company had revenue of $186.66 million for the quarter, compared to analysts' expectations of $179.69 million. Montrose Environmental Group had a positive return on equity of 4.11% and a negative net margin of 1.44%. On average, analysts expect that Montrose Environmental Group, Inc. will post 0.74 EPS for the current year.

Institutional Trading of Montrose Environmental Group

Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp bought a new position in Montrose Environmental Group in the 1st quarter worth $201,000. Hillsdale Investment Management Inc. lifted its position in shares of Montrose Environmental Group by 3,733.3% in the first quarter. Hillsdale Investment Management Inc. now owns 11,500 shares of the company's stock valued at $252,000 after acquiring an additional 11,200 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Montrose Environmental Group by 41.9% in the first quarter. Hsbc Holdings PLC now owns 15,228 shares of the company's stock worth $328,000 after acquiring an additional 4,493 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Montrose Environmental Group by 5.2% in the first quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company's stock worth $29,470,000 after acquiring an additional 66,543 shares during the period. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Company Profile

Montrose Environmental Group, Inc is an environmental services company that helps industrial, commercial, government and other organizations address environmental compliance, sustainability and risk-management needs. Its services span the full project life cycle, from environmental assessment and permitting to monitoring, remediation and ongoing compliance support.

The company provides air quality and emissions testing, environmental laboratory services, consulting, engineering, water and waste management, environmental health and safety support, and remediation services.

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