Montrose Environmental Group (NYSE:MEG) Trading Down 5.1% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) fell 5.1% during trading on Tuesday . The stock traded as low as $20.54 and last traded at $20.64. 68,426 shares were traded during mid-day trading, a decline of 89% from the average session volume of 636,911 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

Several research firms recently commented on MEG. Stifel Nicolaus dropped their target price on 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. Bank of America cut shares of 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. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research report on Thursday, October 17th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Needham & Company LLC cut their target price on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Trading Down 1.7 %

The firm’s 50 day simple moving average is $18.75 and its 200-day simple moving average is $26.23. The company has a market capitalization of $762.96 million, a PE ratio of -14.93 and a beta of 1.70. 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MEG. Fred Alger Management LLC raised its holdings in shares of Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after buying an additional 470,706 shares during the period. Bamco Inc. NY raised its stake in shares of Montrose Environmental Group by 7.4% during the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock valued at $32,681,000 after purchasing an additional 86,000 shares during the period. Driehaus Capital Management LLC lifted its position 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 worth $51,210,000 after purchasing an additional 823,636 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Montrose Environmental Group by 5.1% in the second quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock valued at $34,296,000 after purchasing an additional 37,335 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock valued at $18,850,000 after purchasing an additional 23,356 shares in the last quarter. 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.