Montrose Environmental Group’s (MEG) “Buy” Rating Reiterated at Needham & Company LLC

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They currently have a $54.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 66.36% from the company’s current price.

Montrose Environmental Group Stock Performance

Shares of NYSE MEG traded up $0.68 during midday trading on Thursday, reaching $32.46. 497,474 shares of the stock were exchanged, compared to its average volume of 311,999. Montrose Environmental Group has a twelve month low of $21.96 and a twelve month high of $49.97. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -21.93 and a beta of 1.88. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.98. The firm has a 50-day simple moving average of $39.39 and a two-hundred day simple moving average of $39.55.

Montrose Environmental Group (NYSE:MEG) last announced its earnings results on Tuesday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Montrose Environmental Group had a negative net margin of 4.55% and a negative return on equity of 1.78%. The business had revenue of $155.33 million for the quarter, compared to analysts’ expectations of $152.61 million. As a group, analysts anticipate that Montrose Environmental Group will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. lifted its holdings in Montrose Environmental Group by 453.5% in the 1st 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 in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings 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 purchasing an additional 504 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Montrose Environmental Group in the 2nd quarter valued at $204,000. Cladis Investment Advisory LLC purchased a new position in Montrose Environmental Group in the 4th quarter valued at $209,000. Finally, Mainsail Asset Management LLC purchased a new position in Montrose Environmental Group in the 1st quarter valued at $217,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.