Montrose Environmental Group (NYSE:ONT) Shares Gap Up – Here’s What Happened

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) 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 trading hands.

Analysts Set New Price Targets

ONT has been the subject of a number of recent research reports. 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 reiterated a “sell (d)” rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC decreased their price objective on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $26.67.

Montrose Environmental Group Stock Performance

The firm’s 50 day moving average is $18.00 and its 200 day moving average is $22.10. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market cap of $597.39 million, a P/E ratio of 330.67, a price-to-earnings-growth ratio of 1.28 and a beta of 1.73.

Insiders Place Their Bets

In other Montrose Environmental Group news, Director Peter Graham bought 25,140 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the purchase, the director directly owned 256,689 shares in the company, valued at $4,412,483.91. This represents a 10.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Allan Dicks bought 6,535 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the purchase, the chief financial officer owned 218,178 shares in the company, valued at $3,351,214.08. The trade was a 3.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 36,535 shares of company stock worth $610,003. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new position in shares of Montrose Environmental Group during the third quarter valued at about $32,000. Canada Pension Plan Investment Board grew its position in Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after purchasing an additional 1,600 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Montrose Environmental Group during the 4th quarter worth approximately $75,000. Tower Research Capital LLC TRC increased its stake in Montrose Environmental Group by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after purchasing an additional 1,508 shares in the last quarter. Finally, Assetmark Inc. acquired a new position in Montrose Environmental Group during the 4th quarter valued at approximately $84,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.