Needham & Company LLC Reiterates “Buy” Rating for Montrose Environmental Group (NYSE:MEG)

by · The Markets Daily

Montrose Environmental Group (NYSE:MEG – Get Free Report)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $54.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 139.31% from the stock’s current price.

Separately, Evercore ISI assumed coverage on Montrose Environmental Group in a report on Wednesday, August 14th. They set an “outperform” rating and a $43.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $45.60.

Check Out Our Latest Stock Report on Montrose Environmental Group

Montrose Environmental Group Stock Performance

NYSE:MEG opened at $22.57 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. Montrose Environmental Group has a fifty-two week low of $21.17 and a fifty-two week high of $49.97. The business has a 50 day moving average price of $30.00 and a 200-day moving average price of $38.35. The firm has a market cap of $769.04 million, a PE ratio of -15.25 and a beta of 1.87.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. lifted its position in Montrose Environmental Group by 453.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock valued at $53,000 after acquiring an additional 1,111 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after buying an additional 504 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Montrose Environmental Group during the 2nd quarter valued at approximately $204,000. Cladis Investment Advisory LLC bought a new stake in Montrose Environmental Group in the fourth quarter worth $209,000. Finally, Mainsail Asset Management LLC bought a new stake in Montrose Environmental Group in the first quarter worth $217,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

(Get Free Report)

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.

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