Montrose Environmental Group Inc (NYSE:MEG) price on Thursday, February 27, rose 32.63% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $23.13.
A look at the stock’s price movement, the close in the last trading session was $17.44. Turning to its 52-week performance, $49.97 and $15.21 were the 52-week high and 52-week low respectively. Overall, MEG moved 7.43% over the past month.
Montrose Environmental Group Inc’s market cap currently stands at around $793.38 million, with investors looking forward to this quarter’s earnings report slated for in March.
Analysts have a consensus estimate of 170.16M for the company’s revenue for the quarter, with a low and high estimate of 167M and 175.62M respectively. The average forecast suggests up to a 9.55% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 763.4M, representing a 9.62% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that MEG is a 50% Sell. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
8 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 4 analyst(s) rate the stock as a Hold, 4 recommend MEG as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
MEG’s current price about 19.25% and 17.29% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 66.06, while 7-day volatility ratio is 9.79% and 6.51% in the 30-day chart. Further, Montrose Environmental Group Inc (MEG) has a beta value of 1.74, and an average true range (ATR) of 1.53. Analysts have given the company’s stock an average 52-week price target of $43, forecast between a low of $43 and high of $43. Looking at the price targets, the low is -85.91% off current price level while to achieve the yearly target high, price needs to move -85.91%. Nonetheless, investors will most likely welcome a -85.91% jump to $43 which is the analysts’ median price.
If we refocus on Montrose Environmental Group Inc (NYSE:MEG), historical trading data shows that trading volumes averaged 528.91K over the past 3 months. The company’s latest data on shares outstanding shows there are 34.31 million shares.
The 12.24% of Montrose Environmental Group Inc’s shares are in the hands of company insiders while institutional holders own 100.40% of the company’s shares. Current price change has pushed the stock 24.69% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the MEG stock continues to rise going into the next quarter.
