Montrose Environmental Group (NYSE:ONT) Shares Gap Up – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $16.31, but opened at $16.82. Montrose Environmental Group shares last traded at $16.66, with a volume of 24,162 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Needham & Company LLC cut their target price on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Barclays dropped their price target on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, May 18th. Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $26.67.

Montrose Environmental Group Price Performance

The firm has a market capitalization of $597.39 million, a PE ratio of 330.67, a P/E/G ratio of 1.28 and a beta of 1.73. The firm’s fifty day moving average price is $18.00 and its 200 day moving average price is $22.10. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling at Montrose Environmental Group

In other Montrose Environmental Group news, Director Peter Graham purchased 25,140 shares of the stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $17.19 per share, with a total value of $432,156.60. Following the completion of the acquisition, the director owned 256,689 shares in the company, valued at $4,412,483.91. This trade represents a 10.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Allan Dicks purchased 6,535 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the transaction, the chief financial officer directly owned 218,178 shares in the company, valued at $3,351,214.08. This trade represents a 3.09% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 36,535 shares of company stock worth $610,003. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ONT. Advisory Services Network LLC purchased a new stake in Montrose Environmental Group in the 3rd quarter worth approximately $32,000. Canada Pension Plan Investment Board grew its stake in shares of Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after purchasing an additional 1,600 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Montrose Environmental Group by 95.6% during 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 in the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Montrose Environmental Group during the 4th quarter valued at approximately $75,000. Finally, Assetmark Inc. acquired a new position in shares of Montrose Environmental Group in the 4th quarter valued at $84,000. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

About Montrose Environmental Group

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.