Montrose Environmental Group (NYSE:ONT) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Montrose Environmental Group, Inc. (NYSE:ONT) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $21.60 and traded as high as $22.50. Montrose Environmental Group shares last traded at $21.54, with a volume of 436,840 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ONT. 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. Barclays reduced their price objective on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 18th. Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Finally, Needham & Company LLC dropped their price target on 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. Two investment 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $26.67.

Montrose Environmental Group Stock Performance

The stock’s 50-day moving average is $17.72 and its 200-day moving average is $21.57. 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 $769.40 million, a price-to-earnings ratio of 425.89, a P/E/G ratio of 1.60 and a beta of 1.67.

Insider Buying and Selling

In other Montrose Environmental Group news, CFO Allan Dicks acquired 6,535 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was purchased at an average price of $15.36 per share, with a total value of $100,377.60. Following the completion of the acquisition, 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 position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Peter Graham purchased 25,140 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were bought at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the transaction, the director directly owned 256,689 shares in the company, valued at approximately $4,412,483.91. This trade represents a 10.86% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 36,535 shares of company stock worth $610,003 in the last quarter. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its holdings in Montrose Environmental Group by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock valued at $261,000 after acquiring an additional 488 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Montrose Environmental Group by 2.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after purchasing an additional 515 shares during the period. CWM LLC increased its stake in Montrose Environmental Group by 8.6% in the 4th quarter. CWM LLC now owns 8,324 shares of the company’s stock valued at $207,000 after buying an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Montrose Environmental Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock worth $269,000 after acquiring an additional 780 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its stake in shares of Montrose Environmental Group by 0.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,430 shares of the company’s stock valued at $7,618,000 after buying an additional 786 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Company Profile

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.