Montrose Environmental Group (NYSE:ONT) Share Price Breaks Above Fifty Day Moving Average – Here’s What Happened

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $15.58 and traded as high as $16.44. Montrose Environmental Group shares last traded at $15.80, with a volume of 675,893 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ONT shares. JPMorgan Chase & Co. lowered their price objective on Montrose Environmental Group from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, October 8th. Needham & Company LLC reduced their target price on Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Wall Street Zen lowered Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. Weiss Ratings lowered Montrose Environmental Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 22nd. Finally, Bank of America cut Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price target for the company. in a report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $17.50.

Montrose Environmental Group Trading Up 5.9%

The stock has a market capitalization of $554.90 million, a PE ratio of -47.88, a PEG ratio of 1.50 and a beta of 1.83. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.84. The business’s 50-day moving average is $15.58 and its two-hundred day moving average is $19.34.

Montrose Environmental Group (NYSE:ONT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.08 by $0.43. The company had revenue of $186.66 million for the quarter, compared to analyst estimates of $179.69 million. Montrose Environmental Group had a positive return on equity of 4.11% and a negative net margin of 1.44%. On average, analysts predict that Montrose Environmental Group, Inc. will post 0.74 earnings per share for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp acquired a new position in Montrose Environmental Group during the 1st quarter worth approximately $201,000. Hillsdale Investment Management Inc. grew its position in Montrose Environmental Group by 3,733.3% in the first quarter. Hillsdale Investment Management Inc. now owns 11,500 shares of the company’s stock valued at $252,000 after acquiring an additional 11,200 shares in the last quarter. Hsbc Holdings PLC grew its position in Montrose Environmental Group by 41.9% in the first quarter. Hsbc Holdings PLC now owns 15,228 shares of the company’s stock valued at $328,000 after acquiring an additional 4,493 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Montrose Environmental Group by 5.2% in the first quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after acquiring an additional 66,543 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

About Montrose Environmental Group

Montrose Environmental Group, Inc is an environmental services company that helps industrial, commercial, government and other organizations address environmental compliance, sustainability and risk-management needs. Its services span the full project life cycle, from environmental assessment and permitting to monitoring, remediation and ongoing compliance support.

The company provides air quality and emissions testing, environmental laboratory services, consulting, engineering, water and waste management, environmental health and safety support, and remediation services.