Montrose Environmental Group (NYSE:MEG) Trading Down 9.2% – Here’s What Happened

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) dropped 9.2% during trading on Wednesday . The stock traded as low as $23.75 and last traded at $24.24. Approximately 610,987 shares changed hands during mid-day trading, an increase of 61% from the average daily volume of 379,036 shares. The stock had previously closed at $26.70.

Analyst Upgrades and Downgrades

MEG has been the topic of several research analyst reports. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America cut 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 note on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Montrose Environmental Group presently has an average rating of “Moderate Buy” and an average price target of $42.83.

Montrose Environmental Group Stock Performance

The firm’s fifty day moving average is $27.03 and its 200 day moving average is $35.74. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.15). The firm had revenue of $173.33 million for the quarter, compared to the consensus estimate of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. On average, equities analysts forecast that Montrose Environmental Group, Inc. will post 0.19 EPS for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds have recently added to or reduced their stakes in MEG. Benjamin F. Edwards & Company Inc. grew 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 in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after acquiring an additional 504 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Montrose Environmental Group in the 2nd quarter worth about $204,000. Net Worth Advisory Group bought a new position in Montrose Environmental Group in the 3rd quarter worth about $213,000. Finally, Bayesian Capital Management LP bought a new position in Montrose Environmental Group in the 1st quarter worth about $271,000. 87.87% of the stock is currently owned by institutional investors.

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.