Montrose Environmental Group (NYSE:MEG) Shares Gap Up on Earnings Beat

Montrose Environmental Group, Inc. (NYSE:MEG) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $24.63, but opened at $27.63. Montrose Environmental Group shares last traded at $26.27, with a volume of 142,626 shares trading hands.

The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%.The company had revenue of $224.89 million during the quarter, compared to the consensus estimate of $201.46 million. Montrose Environmental Group has set its FY 2025 guidance at EPS.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MEG shares. Zacks Research cut Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Wall Street Zen raised Montrose Environmental Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Needham & Company LLC boosted their price target on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Barclays increased their price target on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Montrose Environmental Group in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Montrose Environmental Group has a consensus rating of “Hold” and a consensus price target of $34.40.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently added to or reduced their stakes in the company. Bamco Inc. NY lifted its position in Montrose Environmental Group by 2.5% during the 2nd quarter. Bamco Inc. NY now owns 2,764,395 shares of the company’s stock worth $60,513,000 after buying an additional 68,713 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Montrose Environmental Group by 4.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,378,212 shares of the company’s stock valued at $33,913,000 after buying an additional 97,035 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Montrose Environmental Group by 21.8% in the 2nd quarter. William Blair Investment Management LLC now owns 2,317,660 shares of the company’s stock valued at $50,734,000 after purchasing an additional 414,272 shares during the period. Vanguard Group Inc. grew its stake in shares of Montrose Environmental Group by 2.6% in the third quarter. Vanguard Group Inc. now owns 1,929,183 shares of the company’s stock valued at $52,975,000 after acquiring an additional 49,652 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Montrose Environmental Group by 4.4% during the first quarter. Millennium Management LLC now owns 1,504,541 shares of the company’s stock worth $21,455,000 after purchasing an additional 62,826 shares during the period. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

The stock has a market capitalization of $917.11 million, a price-to-earnings ratio of -28.52, a PEG ratio of 2.82 and a beta of 1.84. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.78 and a current ratio of 1.66. The company has a fifty day simple moving average of $28.30 and a two-hundred day simple moving average of $23.98.

About Montrose Environmental Group

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