Montrose Environmental Group (NYSE:MEG) Trading Down 4.9% – What’s Next?

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

Analyst Ratings Changes

MEG has been the topic of several research reports. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. 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 report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The company has a market cap of $563.91 million, a price-to-earnings ratio of -11.03 and a beta of 1.72. The business has a fifty day moving average price of $21.29 and a 200 day moving average price of $29.50.

Institutional Trading of Montrose Environmental Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Fred Alger Management LLC grew its holdings in shares of Montrose Environmental Group by 33.7% during the third 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 during the last quarter. Federated Hermes Inc. grew its holdings in Montrose Environmental Group by 11.4% during the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after acquiring an additional 130,000 shares during the last quarter. Bamco Inc. NY increased its position 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 valued at $32,681,000 after acquiring an additional 86,000 shares during the period. Driehaus Capital Management LLC raised its stake in shares of Montrose Environmental Group by 253.0% during the second 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. Finally, Blair William & Co. IL lifted its holdings in shares of Montrose Environmental Group by 5.1% during the second quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock worth $34,296,000 after purchasing an additional 37,335 shares during the period. 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.