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

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) was the target of a significant decline in short interest in the month of August. As of August 15th, there was short interest totaling 2,630,000 shares, adeclineof19.3% from the July 31st total of 3,260,000 shares. Based on an average daily trading volume, of 429,600 shares, the short-interest ratio is presently 6.1 days. Based on an average daily trading volume, of 429,600 shares, the short-interest ratio is presently 6.1 days.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 price target (up from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MEG. Canada Pension Plan Investment Board lifted its stake in shares of Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company's stock valued at $42,000 after acquiring an additional 1,600 shares during the last quarter. AlphaQuest LLC lifted its stake in shares of Montrose Environmental Group by 569.3% in the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock valued at $58,000 after acquiring an additional 3,484 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company's stock valued at $68,000 after acquiring an additional 1,508 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Montrose Environmental Group in the 1st quarter valued at $79,000. Finally, CWM LLC lifted its stake in shares of Montrose Environmental Group by 1,015.3% in the 2nd quarter. CWM LLC now owns 4,506 shares of the company's stock valued at $99,000 after acquiring an additional 4,102 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Stock Down 4.4%

NYSE MEG opened at $29.06 on Tuesday. The business has a fifty day moving average price of $25.29 and a two-hundred day moving average price of $20.25. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78. Montrose Environmental Group has a fifty-two week low of $10.51 and a fifty-two week high of $32.00. The stock has a market capitalization of $1.03 billion, a PE ratio of -19.24, a PEG ratio of 3.03 and a beta of 1.84.

Montrose Environmental Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.