Montrose Environmental Group (NYSE:MEG) Shares Gap Up to $37.15

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $37.15, but opened at $39.05. Montrose Environmental Group shares last traded at $38.69, with a volume of 496,601 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MEG shares. Stifel Nicolaus reaffirmed a “buy” rating and set a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their target price on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research note on Thursday, April 4th.

Montrose Environmental Group Stock Performance

The stock has a market capitalization of $1.23 billion, a PE ratio of -25.42 and a beta of 2.00. The firm’s fifty day moving average is $38.38 and its 200-day moving average is $32.39. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly 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. The company had revenue of $165.74 million for the quarter, compared to analyst estimates of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. As a group, research analysts anticipate that Montrose Environmental Group, Inc. will post -0.16 earnings per share for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors boosted its holdings in Montrose Environmental Group by 23.8% in the first quarter. Capital Research Global Investors now owns 2,699,774 shares of the company’s stock valued at $142,899,000 after purchasing an additional 519,892 shares in the last quarter. Emerald Advisers LLC boosted its holdings in shares of Montrose Environmental Group by 62.4% in the third quarter. Emerald Advisers LLC now owns 777,221 shares of the company’s stock valued at $22,741,000 after acquiring an additional 298,629 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Montrose Environmental Group by 281.9% in the second quarter. Nuveen Asset Management LLC now owns 379,510 shares of the company’s stock valued at $15,985,000 after acquiring an additional 280,130 shares during the period. BlackRock Inc. boosted its holdings in shares of Montrose Environmental Group by 12.0% in the second quarter. BlackRock Inc. now owns 2,446,774 shares of the company’s stock valued at $103,058,000 after acquiring an additional 261,226 shares during the period. Finally, Emerald Mutual Fund Advisers Trust boosted its holdings in shares of Montrose Environmental Group by 51.4% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 635,695 shares of the company’s stock valued at $18,600,000 after acquiring an additional 215,883 shares during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

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.