MEG - Why Montrose Environmental Group Stock Surged 13% Higher This Week
2024-04-05 18:13:39 ET
Already having a decent year, the stock of Montrose Environmental Group (NYSE: MEG) added to this with a solid week on the trading floor. Shares of the company rose by almost 13% during the period, according to data compiled by S&P Global Market Intelligence . A new acquisition, raised guidance, and an analyst price target raise were the catalysts behind that rise.
On Tuesday, Montrose divulged that it is the new owner of the formerly private Engineering & Technical Associates, which specializes in process safety management (PSM is the storing, handling, and transport of hazardous materials). The company is being absorbed into Montrose's assessment, permitting, and response business unit.
The buyer did not disclose the price it paid for its new asset.
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Why Montrose Environmental Group Stock Surged 13% Higher This Week