Montrose Environmental Group (NYSE:MEG) Shares Down 5.1% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded down 5.1% during trading on Tuesday . The company traded as low as $20.54 and last traded at $20.64. 68,426 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 636,911 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

A number of analysts have commented on the stock. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Needham & Company LLC cut their price target on shares of Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Stifel Nicolaus cut their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Trading Down 2.4 %

The business’s 50 day moving average price is $18.90 and its 200-day moving average price is $26.42. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a market cap of $728.55 million, a price-to-earnings ratio of -14.25 and a beta of 1.70.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of MEG. Driehaus Capital Management LLC raised its stake 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 purchasing an additional 823,636 shares in the last quarter. Fred Alger Management LLC raised its stake in Montrose Environmental Group by 33.7% in the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after purchasing an additional 470,706 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Montrose Environmental Group in the 3rd quarter worth about $6,801,000. Royce & Associates LP raised its stake in Montrose Environmental Group by 43.3% in the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after purchasing an additional 104,320 shares in the last quarter. Finally, Bamco Inc. NY raised its stake in Montrose Environmental Group by 7.4% in the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

About Montrose Environmental Group

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.