Montrose Environmental Group, Inc. (NYSE:MEG) Short Interest Update

Montrose Environmental Group, Inc. (NYSE:MEG) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 2,770,000 shares, a decline of 19.9% from the November 15th total of 3,460,000 shares. Based on an average daily volume of 701,900 shares, the days-to-cover ratio is currently 3.9 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stifel Nicolaus dropped their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday. Needham & Company LLC dropped their target price on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Montrose Environmental Group by 43.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after purchasing an additional 586 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of Montrose Environmental Group during the third quarter valued at about $111,000. Los Angeles Capital Management LLC purchased a new stake in shares of Montrose Environmental Group during the second quarter worth about $204,000. Mesirow Financial Investment Management Inc. bought a new stake in shares of Montrose Environmental Group in the second quarter worth about $310,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Montrose Environmental Group in the third quarter worth about $212,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

Shares of NYSE MEG traded up $0.41 during midday trading on Friday, hitting $16.54. 734,308 shares of the company’s stock were exchanged, compared to its average volume of 422,334. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The business’s fifty day moving average price is $21.68 and its two-hundred day moving average price is $30.75. The company has a market cap of $567.32 million, a price-to-earnings ratio of -11.09 and a beta of 1.71. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97.

Montrose Environmental Group Company Profile

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.