70,000 Shares in Montrose Environmental Group, Inc. (NYSE:MEG) Acquired by Ghisallo Capital Management LLC

Ghisallo Capital Management LLC purchased a new position in Montrose Environmental Group, Inc. (NYSE:MEG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 70,000 shares of the company’s stock, valued at approximately $3,119,000. Ghisallo Capital Management LLC owned about 0.21% of Montrose Environmental Group at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of MEG. Driehaus Capital Management LLC increased its holdings in Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after acquiring an additional 823,636 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Montrose Environmental Group by 271.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after purchasing an additional 276,166 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Montrose Environmental Group in the second quarter worth about $10,666,000. Fred Alger Management LLC lifted its stake in Montrose Environmental Group by 17.6% in the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after purchasing an additional 208,785 shares during the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Montrose Environmental Group by 30.4% during the first quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock valued at $28,685,000 after purchasing an additional 170,924 shares during the period. Institutional investors own 87.87% of the company’s stock.

Analyst Upgrades and Downgrades

MEG has been the subject of a number of research analyst reports. Evercore ISI started coverage on shares of Montrose Environmental Group in a report on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a report on Thursday, August 8th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Stock Performance

NYSE MEG opened at $22.99 on Wednesday. The stock has a market capitalization of $783.52 million, a price-to-earnings ratio of -15.53 and a beta of 1.88. The stock has a 50-day moving average of $30.37 and a 200 day moving average of $38.59. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. Montrose Environmental Group, Inc. has a twelve month low of $21.96 and a twelve month high of $49.97.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.15). The business had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. Sell-side analysts anticipate that Montrose Environmental Group, Inc. will post 0.19 EPS for the current fiscal year.

Montrose Environmental Group Company Profile

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.