Montrose Environmental Group (NYSE: MEG) shares have been flying high in 2024 and management has decided to use the strength to build its war chest.

Shares of the environmental consulting firm were down 7.4% for the week, according to data provided by S&P Global Market Intelligence, as of Thursday afternoon, and at one point were down as much as 15%, after the company announced a secondary offering.

Montrose Environmental is a provider of air measurement, emergency response, remediation, and regulatory compliance services for commercial and government customers. The company through the years has expanded its geographical presence and expertise via acquisitions, which requires a good amount of cash on hand.

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Source Fool.com