Montrose Environmental Group (NYSE:MEG) Shares Down 2.3% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) traded down 2.3% during trading on Tuesday . The company traded as low as $18.21 and last traded at $18.56. 71,020 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 430,763 shares. The stock had previously closed at $19.00.

Analyst Upgrades and Downgrades

MEG has been the subject of several analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Needham & Company LLC lowered their target price on 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. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus lowered their price objective 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. 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Stock Down 2.4 %

The stock’s 50-day simple moving average is $19.88 and its 200-day simple moving average is $28.05. 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 firm has a market capitalization of $636.28 million, a P/E ratio of -12.45 and a beta of 1.72.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. increased its stake in Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after acquiring an additional 586 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Montrose Environmental Group in the 3rd quarter worth approximately $111,000. Los Angeles Capital Management LLC bought a new position in shares of Montrose Environmental Group during the second quarter valued at approximately $204,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Montrose Environmental Group during the 3rd quarter valued at $212,000. Finally, Net Worth Advisory Group purchased a new stake in shares of Montrose Environmental Group in the 3rd quarter worth about $213,000. 87.87% of the stock is owned by institutional investors.

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.