Montrose Environmental Group (NYSE:MEG) Shares Down 7.1% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price was down 7.1% during mid-day trading on Friday . The stock traded as low as $21.26 and last traded at $21.49. Approximately 50,675 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 466,804 shares. The stock had previously closed at $23.13.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MEG shares. Needham & Company LLC reiterated a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a research note on Tuesday, January 28th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Stifel Nicolaus cut 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. Finally, Evercore ISI lowered their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, February 10th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.60.

Montrose Environmental Group Stock Down 15.8 %

The company has a market capitalization of $668.35 million, a price-to-earnings ratio of -13.08 and a beta of 1.71. The business has a fifty day simple moving average of $19.98 and a two-hundred day simple moving average of $23.20. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Trading of Montrose Environmental Group

A number of large investors have recently bought and sold shares of MEG. Assenagon Asset Management S.A. acquired a new stake in shares of Montrose Environmental Group in the 3rd quarter valued at $1,332,000. Conestoga Capital Advisors LLC lifted its holdings in Montrose Environmental Group by 26.8% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 52,695 shares of the company’s stock valued at $1,386,000 after purchasing an additional 11,145 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in Montrose Environmental Group by 285.5% in the third quarter. Harbor Capital Advisors Inc. now owns 94,753 shares of the company’s stock valued at $2,492,000 after buying an additional 70,175 shares in the last quarter. Van ECK Associates Corp grew its stake in Montrose Environmental Group by 61.8% during the third quarter. Van ECK Associates Corp now owns 102,303 shares of the company’s stock worth $2,757,000 after buying an additional 39,079 shares during the last quarter. Finally, Radnor Capital Management LLC acquired a new stake in shares of Montrose Environmental Group during the third quarter worth approximately $801,000. 87.87% of the stock is currently 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.