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Montrose Environmental Group, Inc. (NYSE:MEG) Short Interest Down 7.2% in January

Defense World · Feb 1, 2023 04:41

Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating) was the target of a large drop in short interest in January. As of January 15th, there was short interest totalling 1,540,000 shares, a drop of 7.2% from the December 31st total of 1,660,000 shares. Based on an average trading volume of 130,400 shares, the short-interest ratio is presently 11.8 days.

Insider Activity at Montrose Environmental Group

In related news, Director Richard E. Perlman sold 23,790 shares of the business's stock in a transaction on Friday, January 20th. The stock was sold at an average price of $52.69, for a total value of $1,253,495.10. Following the sale, the director now owns 901,835 shares of the company's stock, valued at approximately $47,517,686.15. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Richard E. Perlman sold 23,790 shares of the business's stock in a transaction on Friday, January 20th. The stock was sold at an average price of $52.69, for a total transaction of $1,253,495.10. Following the completion of the sale, the director now owns 901,835 shares in the company, valued at $47,517,686.15. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard E. Perlman sold 31,035 shares of the company's stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $52.72, for a total value of $1,636,165.20. Following the completion of the sale, the director now owns 870,800 shares of the company's stock, valued at approximately $45,908,576. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,950 shares of company stock valued at $4,320,379. Corporate insiders own 11.00% of the company's stock.

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Institutional Trading of Montrose Environmental Group

Institutional investors and hedge funds have recently bought and sold shares of the business. William Blair Investment Management LLC raised its stake in Montrose Environmental Group by 0.6% in the second quarter. William Blair Investment Management LLC now owns 613,329 shares of the company's stock valued at $20,706,000 after buying an additional 3,435 shares during the period. Resources Investment Advisors LLC. increased its stake in shares of Montrose Environmental Group by 33.7% during the second quarter. Resources Investment Advisors LLC. now owns 19,188 shares of the company's stock worth $648,000 after purchasing an additional 4,840 shares during the period. Conestoga Capital Advisors LLC increased its stake in shares of Montrose Environmental Group by 17.4% during the second quarter. Conestoga Capital Advisors LLC now owns 33,035 shares of the company's stock worth $1,115,000 after purchasing an additional 4,905 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Montrose Environmental Group by 7.7% during the second quarter. Envestnet Asset Management Inc. now owns 154,207 shares of the company's stock worth $5,206,000 after purchasing an additional 10,989 shares during the period. Finally, Lisanti Capital Growth LLC increased its stake in shares of Montrose Environmental Group by 15.0% during the second quarter. Lisanti Capital Growth LLC now owns 237,258 shares of the company's stock worth $8,010,000 after purchasing an additional 30,968 shares during the period. Institutional investors own 90.89% of the company's stock.

Montrose Environmental Group Stock Performance

Shares of NYSE MEG opened at $54.16 on Wednesday. The stock has a 50 day moving average price of $47.02 and a 200 day moving average price of $42.92. Montrose Environmental Group has a 52 week low of $28.36 and a 52 week high of $57.49. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.38 and a current ratio of 2.38. The stock has a market capitalization of $1.61 billion, a PE ratio of -41.34 and a beta of 1.63.

Montrose Environmental Group (NYSE:MEG – Get Rating) last issued its quarterly earnings results on Tuesday, November 8th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.13). Montrose Environmental Group had a negative net margin of 4.10% and a negative return on equity of 6.42%. The company had revenue of $130.31 million for the quarter, compared to analyst estimates of $141.46 million. Analysts predict that Montrose Environmental Group will post -1.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MEG has been the subject of several recent research reports. Needham & Company LLC upped their price objective on Montrose Environmental Group from $48.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, January 16th. Morgan Stanley reduced their price objective on Montrose Environmental Group from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Wednesday, December 14th. Finally, Bank of America raised Montrose Environmental Group from a "neutral" rating to a "buy" rating in a research report on Monday, December 12th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.67.

Montrose Environmental Group Company Profile

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Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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.