Montrose Environmental Group (NYSE:ONT) Stock Jumps 8.4% – What’s Next?

Montrose Environmental Group, Inc. (NYSE:ONT)’s share price rose 8.4% during mid-day trading on Monday. The stock traded as high as $16.23 and last traded at $16.17. 62,087 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 565,886 shares. The stock had previously closed at $14.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ONT shares. Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 target price on the stock. in a research report on Thursday, August 6th. Weiss Ratings cut shares of Montrose Environmental Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 22nd. JPMorgan Chase & Co. dropped their price target on shares of 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. Finally, Barclays cut shares of Montrose Environmental Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $19.00 to $15.00 in a research note on Friday, August 7th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $17.50.

Montrose Environmental Group Stock Performance

The company has a market capitalization of $549.28 million, a P/E ratio of -47.39, a PEG ratio of 1.62 and a beta of 1.80. The stock has a fifty day simple moving average of $15.59 and a 200-day simple moving average of $19.30. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.84.

Montrose Environmental Group (NYSE:ONT) last issued its earnings results 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 the consensus estimate of $179.69 million. Montrose Environmental Group had a negative net margin of 1.44% and a positive return on equity of 4.11%. Equities analysts forecast that Montrose Environmental Group, Inc. will post 0.74 EPS for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

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

Montrose Environmental Group Company Profile

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.