Montrose Environmental Group (NYSE:MEG) Shares Gap Down – Should You Sell?

Montrose Environmental Group, Inc. (NYSE:MEG) shares gapped down prior to trading on Monday . The stock had previously closed at $16.89, but opened at $16.16. Montrose Environmental Group shares last traded at $17.05, with a volume of 46,051 shares trading hands.

Wall Street Analyst Weigh In

MEG has been the subject of several recent analyst reports. Stifel Nicolaus reduced their price target 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. Needham & Company LLC reaffirmed a “buy” rating and set a $39.00 price objective on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Finally, Evercore ISI reduced their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Down 4.3 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The firm has a 50-day simple moving average of $19.83 and a two-hundred day simple moving average of $21.68. The company has a market cap of $541.54 million, a PE ratio of -10.58 and a beta of 1.72.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in Montrose Environmental Group during the fourth quarter worth $36,000. KBC Group NV grew its position in shares of 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 purchasing an additional 1,613 shares during the period. Avanza Fonder AB purchased a new stake in shares of Montrose Environmental Group in the fourth quarter valued at $105,000. Point72 DIFC Ltd purchased a new stake in shares of Montrose Environmental Group in the third quarter valued at $111,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Montrose Environmental Group by 42.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after purchasing an additional 1,898 shares during the period. 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.