Montrose Environmental Group (NYSE:MEG) Trading Down 5.6% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price fell 5.6% during trading on Thursday . The company traded as low as $22.28 and last traded at $22.18. 130,788 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 560,680 shares. The stock had previously closed at $23.51.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MEG. Needham & Company LLC reaffirmed a “buy” rating and set a $39.00 price target on shares of Montrose Environmental Group in a report on Friday, January 17th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a report on Thursday, October 17th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Finally, Stifel Nicolaus dropped their price objective on 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Trading Down 4.2 %

The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a market cap of $772.30 million, a price-to-earnings ratio of -15.11 and a beta of 1.70. The company’s 50-day moving average is $18.85 and its 200 day moving average is $25.61.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. KBC Group NV lifted its holdings in Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after acquiring an additional 1,613 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after buying an additional 586 shares during the period. Avanza Fonder AB purchased a new stake in Montrose Environmental Group during the 4th quarter worth approximately $105,000. Point72 DIFC Ltd acquired a new stake in shares of Montrose Environmental Group during the third quarter worth approximately $111,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Montrose Environmental Group in the 3rd quarter worth about $212,000. 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.