Montrose Environmental Group (NYSE:ONT) Trading 7.9% Higher – What’s Next?

Montrose Environmental Group, Inc. (NYSE:ONT) shares traded up 7.9% on Tuesday . The company traded as high as $17.42 and last traded at $17.18. 252,711 shares were traded during mid-day trading, a decline of 34% from the average session volume of 380,240 shares. The stock had previously closed at $15.92.

Wall Street Analysts Forecast Growth

ONT has been the topic of several research reports. Wall Street Zen lowered Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Needham & Company LLC cut their price objective on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a report on Friday. Finally, Zacks Research lowered Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $32.33.

Montrose Environmental Group Price Performance

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76. The stock has a market cap of $594.14 million, a PE ratio of 328.87, a P/E/G ratio of 1.50 and a beta of 1.83. The company’s 50 day moving average is $22.70 and its 200-day moving average is $24.07.

Montrose Environmental Group (NYSE:ONT) last announced its earnings results on Wednesday, February 25th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. The business had revenue of $193.27 million for the quarter, compared to analyst estimates of $186.24 million. Montrose Environmental Group had a return on equity of 5.61% and a net margin of 0.71%.The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.90) earnings per share. As a group, sell-side analysts predict that Montrose Environmental Group, Inc. will post 0.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director J Thomas Presby sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $28.87, for a total transaction of $288,700.00. Following the completion of the sale, the director owned 62,614 shares of the company’s stock, valued at approximately $1,807,666.18. This trade represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vijay Manthripragada sold 46,121 shares of Montrose Environmental Group stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.41, for a total transaction of $1,171,934.61. Following the completion of the sale, the chief executive officer owned 236,788 shares of the company’s stock, valued at approximately $6,016,783.08. This trade represents a 16.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 107,527 shares of company stock valued at $2,908,583. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lisanti Capital Growth LLC bought a new stake in shares of Montrose Environmental Group in the 3rd quarter valued at approximately $2,803,000. Nordea Investment Management AB bought a new position in Montrose Environmental Group during the fourth quarter worth $1,382,000. Tudor Investment Corp ET AL acquired a new position in Montrose Environmental Group in the third quarter worth $3,979,000. Allspring Global Investments Holdings LLC acquired a new position in Montrose Environmental Group in the fourth quarter worth $10,140,000. Finally, Fisher Asset Management LLC increased its stake in Montrose Environmental Group by 18.0% during the third quarter. Fisher Asset Management LLC now owns 257,872 shares of the company’s stock valued at $7,081,000 after purchasing an additional 39,331 shares during the last quarter. 87.87% of the stock is owned by institutional investors.

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.