Montrose Environmental Group (NYSE:MEG) Shares Down 6.3% – Time to Sell?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) fell 6.3% during trading on Thursday . The stock traded as low as $16.72 and last traded at $16.46. 46,247 shares were traded during mid-day trading, a decline of 91% from the average session volume of 492,893 shares. The stock had previously closed at $17.56.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $39.00 price target on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Evercore ISI decreased their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Finally, Stifel Nicolaus dropped their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Montrose Environmental Group presently has an average rating of “Moderate Buy” and a consensus price target of $33.60.

Montrose Environmental Group Price Performance

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’s 50 day moving average price is $20.01 and its 200 day moving average price is $22.06. The company has a market cap of $580.24 million, a price-to-earnings ratio of -11.34 and a beta of 1.72.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently added to or reduced their stakes in MEG. Paradigm Capital Management Inc. NY acquired a new stake in shares of Montrose Environmental Group in the 4th quarter valued at approximately $1,855,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Montrose Environmental Group by 3.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company’s stock valued at $42,316,000 after acquiring an additional 67,280 shares during the period. Toronto Dominion Bank acquired a new stake in Montrose Environmental Group in the fourth quarter valued at $2,505,000. Point72 Asset Management L.P. boosted its position in shares of Montrose Environmental Group by 13.4% during the 4th quarter. Point72 Asset Management L.P. now owns 36,000 shares of the company’s stock worth $668,000 after purchasing an additional 4,243 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Montrose Environmental Group by 52.6% in the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock valued at $26,744,000 after purchasing an additional 496,661 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.