Montrose Environmental Group (NYSE:ONT) Shares Gap Up – What’s Next?

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $16.31, but opened at $16.82. Montrose Environmental Group shares last traded at $16.66, with a volume of 24,162 shares changing hands.

Analyst Ratings Changes

ONT has been the subject of a number of research analyst reports. Needham & Company LLC reduced their price target on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Zacks Research raised shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Montrose Environmental Group in a research report on Friday, May 29th. Finally, Barclays dropped their price objective on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, May 18th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.67.

Montrose Environmental Group Stock Up 6.1%

The business has a 50 day simple moving average of $17.83 and a 200 day simple moving average of $21.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market cap of $644.01 million, a PE ratio of 356.47, a P/E/G ratio of 1.25 and a beta of 1.72.

Insider Activity at Montrose Environmental Group

In other news, Director Peter Graham purchased 25,140 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $17.19 per share, with a total value of $432,156.60. Following the purchase, the director owned 256,689 shares in the company, valued at $4,412,483.91. This represents a 10.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Allan Dicks acquired 6,535 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $15.36 per share, for a total transaction of $100,377.60. Following the acquisition, the chief financial officer directly owned 218,178 shares of the company’s stock, valued at $3,351,214.08. The trade was a 3.09% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 36,535 shares of company stock valued at $610,003. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ONT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Montrose Environmental Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock valued at $269,000 after purchasing an additional 780 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Montrose Environmental Group by 39.6% during the first quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company’s stock valued at $4,663,000 after buying an additional 92,671 shares in the last quarter. Rhumbline Advisers raised its holdings in Montrose Environmental Group by 27.9% during the second quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock valued at $1,262,000 after buying an additional 12,566 shares in the last quarter. Invesco Ltd. raised its holdings in Montrose Environmental Group by 13.1% during the second quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock valued at $3,329,000 after buying an additional 17,601 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Montrose Environmental Group by 245.0% in the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after buying an additional 272,444 shares during the last quarter. Institutional investors and hedge funds 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.