Montrose Environmental Group’s (MEG) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a report released on Tuesday morning,Benzinga reports. They currently have a $39.00 price objective on the stock.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus reduced their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Stock Performance

Shares of MEG opened at $20.98 on Tuesday. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97. The stock has a market cap of $719.61 million, a P/E ratio of -14.08 and a beta of 1.70. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average of $19.27 and a two-hundred day moving average of $25.02.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently added to or reduced their stakes in the business. KBC Group NV boosted its stake in Montrose Environmental Group by 126.5% in the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares during the last quarter. Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group in the fourth quarter worth approximately $105,000. Point72 DIFC Ltd purchased a new stake in Montrose Environmental Group in the third quarter valued at approximately $111,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Montrose Environmental Group during the third quarter worth approximately $212,000. Finally, Net Worth Advisory Group purchased a new position in Montrose Environmental Group during the third quarter worth approximately $213,000. 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.