Montrose Environmental Group (NYSE:ONT) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) saw unusually-high trading volume on Wednesday . Approximately 537,500 shares were traded during mid-day trading, an increase of 15% from the previous session’s volume of 465,499 shares.The stock last traded at $17.63 and had previously closed at $16.80.

Analyst Upgrades and Downgrades

ONT has been the subject of a number of research analyst reports. Barclays decreased their price target on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 18th. Needham & Company LLC decreased their target price on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Finally, Zacks Research raised shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $26.67.

Montrose Environmental Group Stock Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market cap of $639.32 million, a PE ratio of 353.87, a price-to-earnings-growth ratio of 1.22 and a beta of 1.72. The company’s 50 day moving average price is $17.90 and its 200-day moving average price is $22.04.

Insiders Place Their Bets

In other news, CFO Allan Dicks acquired 6,535 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $15.36 per share, with a total value of $100,377.60. Following the acquisition, the chief financial officer owned 218,178 shares in the company, valued at $3,351,214.08. The trade was a 3.09% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter Graham acquired 25,140 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the purchase, the director directly owned 256,689 shares in the company, valued at $4,412,483.91. This trade represents a 10.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 36,535 shares of company stock worth $610,003 in the last ninety days. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

A number of large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Montrose Environmental Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock worth $269,000 after purchasing an additional 780 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Montrose Environmental Group by 39.6% in the first quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company’s stock worth $4,663,000 after buying an additional 92,671 shares in the last quarter. Rhumbline Advisers raised its position in shares of Montrose Environmental Group by 27.9% in the second quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock worth $1,262,000 after buying an additional 12,566 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Montrose Environmental Group by 13.1% in the 2nd quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock valued at $3,329,000 after acquiring an additional 17,601 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Montrose Environmental Group by 245.0% in the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after purchasing an additional 272,444 shares during the last quarter. 87.87% of the stock is owned by institutional investors.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.