Montrose Environmental Group (NYSE:MEG) Stock Price Up 6.3%

Montrose Environmental Group, Inc. (NYSE:MEG) shares shot up 6.3% during trading on Monday . The stock traded as high as $39.99 and last traded at $39.83. 75,757 shares were traded during mid-day trading, a decline of 71% from the average session volume of 264,836 shares. The stock had previously closed at $37.46.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MEG. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a report on Monday. Stifel Nicolaus reaffirmed a “buy” rating and set a $51.00 price target (up from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd.

Montrose Environmental Group Trading Up 2.6 %

The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -25.31 and a beta of 1.88. The business has a fifty day moving average of $45.14 and a two-hundred day moving average of $39.20. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.63 and a current ratio of 1.63.

Montrose Environmental Group (NYSE:MEG) last posted its earnings results on Tuesday, May 7th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $155.33 million during the quarter, compared to analyst estimates of $152.61 million. Montrose Environmental Group had a negative net margin of 4.55% and a negative return on equity of 1.78%. As a group, equities analysts expect that Montrose Environmental Group, Inc. will post 0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Montrose Environmental Group

In related news, CEO Vijay Manthripragada sold 12,500 shares of Montrose Environmental Group stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $46.51, for a total transaction of $581,375.00. Following the completion of the transaction, the chief executive officer now directly owns 316,637 shares in the company, valued at approximately $14,726,786.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.90% of the stock is currently owned by insiders.

Institutional Trading of Montrose Environmental Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Conestoga Capital Advisors LLC boosted its stake in shares of Montrose Environmental Group by 1.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 41,700 shares of the company’s stock worth $1,633,000 after purchasing an additional 400 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Montrose Environmental Group by 1.0% during the first quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock valued at $1,933,000 after buying an additional 485 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after acquiring an additional 504 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Montrose Environmental Group by 8.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,805 shares of the company’s stock worth $411,000 after acquiring an additional 972 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Montrose Environmental Group by 453.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock valued at $53,000 after acquiring an additional 1,111 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.