Montrose Environmental Group (NYSE:MEG) Shares Gap Up After Strong Earnings

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $24.63, but opened at $27.63. Montrose Environmental Group shares last traded at $26.27, with a volume of 142,626 shares trading hands.

The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $224.89 million for the quarter, compared to analysts’ expectations of $201.46 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. Montrose Environmental Group has set its FY 2025 guidance at EPS.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MEG shares. Zacks Research lowered Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. JPMorgan Chase & Co. boosted their price target on Montrose Environmental Group from $26.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Barclays increased their price target on Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday. Wall Street Zen upgraded shares of Montrose Environmental Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Montrose Environmental Group presently has an average rating of “Hold” and a consensus price target of $34.40.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board lifted its stake in 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 worth $42,000 after acquiring an additional 1,600 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings 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 purchasing an additional 1,508 shares during the period. AlphaQuest LLC lifted its position in shares of Montrose Environmental Group by 569.3% in the first quarter. AlphaQuest LLC now owns 4,096 shares of the company’s stock worth $58,000 after purchasing an additional 3,484 shares in the last quarter. CWM LLC boosted its holdings in shares of Montrose Environmental Group by 1,015.3% during the second quarter. CWM LLC now owns 4,506 shares of the company’s stock worth $99,000 after purchasing an additional 4,102 shares during the period. Finally, Creekmur Asset Management LLC purchased a new position in Montrose Environmental Group during the second quarter valued at approximately $113,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Trading Up 2.9%

The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.78 and a current ratio of 1.66. The stock has a market cap of $917.11 million, a price-to-earnings ratio of -28.52, a price-to-earnings-growth ratio of 2.82 and a beta of 1.84. The company’s 50 day simple moving average is $28.30 and its two-hundred day simple moving average is $23.98.

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.