Montrose Environmental Group (NYSE:MEG) Sets New 52-Week Low – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price reached a new 52-week low on Friday . The company traded as low as $19.53 and last traded at $19.69, with a volume of 147168 shares. The stock had previously closed at $20.30.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MEG. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC dropped their target price on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Two investment 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Trading Down 7.0 %

The company’s 50 day simple moving average is $25.42 and its 200-day simple moving average is $34.66. The firm has a market cap of $647.58 million, a P/E ratio of -12.67 and a beta of 1.86. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. increased its stake in Montrose Environmental Group by 43.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after purchasing an additional 586 shares during the period. Point72 DIFC Ltd bought a new position in shares of Montrose Environmental Group in the third quarter worth about $111,000. CANADA LIFE ASSURANCE Co increased 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 buying an additional 504 shares during the period. Los Angeles Capital Management LLC purchased a new position in Montrose Environmental Group in the 2nd quarter worth about $204,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Montrose Environmental Group during the 3rd quarter valued at about $212,000. 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.