Montrose Environmental Group (NYSE:MEG) Trading Down 4.9% – Should You Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 4.9% on Monday . The company traded as low as $16.19 and last traded at $16.19. Approximately 226,090 shares were traded during trading, a decline of 47% from the average daily volume of 430,359 shares. The stock had previously closed at $17.03.

Wall Street Analyst Weigh In

MEG has been the topic of several analyst reports. Needham & Company LLC reduced their target price on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Stifel Nicolaus dropped their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Trading Up 4.5 %

The company has a market capitalization of $591.69 million, a price-to-earnings ratio of -11.58 and a beta of 1.72. 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 business’s 50 day moving average price is $20.96 and its two-hundred day moving average price is $29.12.

Institutional Trading of Montrose Environmental Group

Hedge funds have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC lifted its stake in shares of 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 valued at $51,210,000 after acquiring an additional 823,636 shares during the last quarter. Fred Alger Management LLC raised its position in Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after purchasing an additional 470,706 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Montrose Environmental Group by 271.2% during the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after purchasing an additional 276,166 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Montrose Environmental Group during the third quarter worth about $6,801,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Montrose Environmental Group in the second quarter valued at approximately $10,666,000. Institutional investors and hedge funds 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.