Montrose Environmental Group, Inc. (NYSE:MEG) Short Interest Down 19.3% in August

Key Points

• Short interest in Montrose Environmental Group, Inc. decreased by 19.3% in August, totaling 2,630,000 shares compared to 3,260,000 shares at the end of July.
• Analysts have set a consensus target price of $32.00 for the company, with a majority rating of "Moderate Buy" from five investment analysts.
• Montrose's stock has seen significant institutional investment, with 87.87% of shares now owned by institutional investors, highlighting growing confidence in the company.

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) saw a large decline in short interest in August. As of August 15th, there was short interest totaling 2,630,000 shares, a decline of 19.3% from the July 31st total of 3,260,000 shares. Based on an average daily trading volume, of 429,600 shares, the days-to-cover ratio is currently 6.1 days. Based on an average daily trading volume, of 429,600 shares, the days-to-cover ratio is currently 6.1 days.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MEG. Stifel Financial Corp grew its position in Montrose Environmental Group by 53.2% during the fourth quarter. Stifel Financial Corp now owns 36,029 shares of the company's stock valued at $668,000 after purchasing an additional 12,508 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Montrose Environmental Group by 23.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,127 shares of the company's stock valued at $355,000 after purchasing an additional 3,591 shares in the last quarter. Northern Trust Corp grew its position in Montrose Environmental Group by 22.1% during the fourth quarter. Northern Trust Corp now owns 583,522 shares of the company's stock valued at $10,824,000 after purchasing an additional 105,539 shares in the last quarter. Comerica Bank grew its position in Montrose Environmental Group by 42.1% during the fourth quarter. Comerica Bank now owns 17,270 shares of the company's stock valued at $320,000 after purchasing an additional 5,113 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Montrose Environmental Group during the fourth quarter valued at approximately $305,000. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Trading Down 0.9%

Shares of Montrose Environmental Group stock traded down $0.28 during trading on Friday, hitting $29.72. The stock had a trading volume of 392,615 shares, compared to its average volume of 404,955. The stock has a 50 day simple moving average of $25.86 and a 200 day simple moving average of $20.54. The company has a market capitalization of $1.05 billion, a PE ratio of -19.68, a P/E/G ratio of 2.97 and a beta of 1.84. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60. Montrose Environmental Group has a 1 year low of $10.51 and a 1 year high of $32.00.

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.