Montrose Environmental Group (NYSE:ONT) Stock Price Up 16.5% – Should You Buy?

Montrose Environmental Group, Inc. (NYSE:ONT) shares traded up 16.5% on Friday . The stock traded as high as $17.61 and last traded at $17.58. Approximately 289,305 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 506,669 shares. The stock had previously closed at $15.09.

Analyst Upgrades and Downgrades

ONT has been the subject of several research reports. Zacks Research upgraded shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a report on Monday. Needham & Company LLC decreased their target price on shares of 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. JPMorgan Chase & Co. lowered their price target on shares of Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Monday, July 13th. Finally, Barclays reiterated an “equal weight” rating and issued a $15.00 price target (down from $19.00) on shares of Montrose Environmental Group in a research report on Friday. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $20.75.

Montrose Environmental Group Price Performance

The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76. The firm’s 50 day simple moving average is $19.11 and its 200 day simple moving average is $20.84. The company has a market capitalization of $619.80 million, a PE ratio of -51.97, a price-to-earnings-growth ratio of 1.66 and a beta of 1.66.

Insider Activity

In other news, Director Peter Graham purchased 25,140 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the acquisition, the director owned 256,689 shares of the company’s stock, valued at approximately $4,412,483.91. This trade represents a 10.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Allan Dicks acquired 6,535 shares of Montrose Environmental Group stock in a transaction that occurred on Monday, May 11th. The stock was purchased 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 36,535 shares of company stock valued at $610,003 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Advisory Services Network LLC bought a new position in shares of Montrose Environmental Group during the third quarter valued at approximately $32,000. Canada Pension Plan Investment Board lifted 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 acquiring an additional 1,600 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake 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 worth $68,000 after acquiring an additional 1,508 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Montrose Environmental Group during the 4th quarter worth approximately $75,000. Finally, Assetmark Inc. purchased a new position in Montrose Environmental Group during the 4th quarter valued at $84,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.