Montrose Environmental Group’s (MEG) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a research report released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $54.00 target price on the stock.

Separately, Evercore ISI initiated coverage on shares of Montrose Environmental Group in a report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $45.60.

Montrose Environmental Group Stock Performance

NYSE:MEG opened at $26.52 on Wednesday. The company’s 50-day moving average is $28.69 and its two-hundred day moving average is $37.37. The firm has a market capitalization of $903.66 million, a price-to-earnings ratio of -17.92 and a beta of 1.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. Montrose Environmental Group has a 1-year low of $19.59 and a 1-year high of $49.97.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.15). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The business had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. Analysts forecast that Montrose Environmental Group will post 0.19 EPS for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Montrose Environmental Group by 453.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock valued at $53,000 after purchasing an additional 1,111 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after buying an additional 504 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Montrose Environmental Group in the second quarter worth $204,000. Bayesian Capital Management LP purchased a new stake in shares of Montrose Environmental Group during the first quarter worth $271,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Montrose Environmental Group in the second quarter valued at $310,000. 87.87% of the stock is owned by institutional investors and hedge funds.

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.