Short Interest in Montrose Environmental Group, Inc. (NYSE:MEG) Declines By 19.9%

Montrose Environmental Group, Inc. (NYSE:MEG) was the target of a large decline in short interest in the month of 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 presently 3.9 days.

Montrose Environmental Group Stock Performance

NYSE MEG traded up $0.41 during trading hours on Friday, hitting $16.54. 734,308 shares of the company’s stock traded hands, compared to its average volume of 422,334. Montrose Environmental Group has a 52 week low of $15.21 and a 52 week high of $49.97. The firm has a market capitalization of $567.32 million, a P/E ratio of -11.09 and a beta of 1.71. 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.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Calamos Advisors LLC bought a new stake in Montrose Environmental Group during the 2nd quarter worth approximately $1,602,000. Bank of New York Mellon Corp lifted its stake in shares of Montrose Environmental Group by 271.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after buying an additional 276,166 shares in the last quarter. Legato Capital Management LLC boosted its holdings in Montrose Environmental Group by 4.9% in the 2nd quarter. Legato Capital Management LLC now owns 43,761 shares of the company’s stock worth $1,950,000 after buying an additional 2,050 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Montrose Environmental Group by 28.8% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 44,828 shares of the company’s stock worth $1,998,000 after buying an additional 10,029 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in Montrose Environmental Group in the 2nd quarter worth $1,022,000. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on MEG. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Needham & Company LLC dropped their price target on 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. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a report on Thursday, October 17th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.60.

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.