Montrose Environmental Group (NYSE:MEG) Trading Down 7.1% – Time to Sell?

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Stifel Nicolaus cut their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Evercore ISI cut 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $39.00 target price on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The business’s fifty day simple moving average is $20.03 and its 200 day simple moving average is $23.04. The stock has a market cap of $668.35 million, a price-to-earnings ratio of -13.08 and a beta of 1.71.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MEG. Bamco Inc. NY increased its holdings in Montrose Environmental Group by 84.5% during the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company’s stock worth $42,528,000 after purchasing an additional 1,050,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Montrose Environmental Group by 3.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company’s stock worth $42,316,000 after buying an additional 67,280 shares in the last quarter. Fred Alger Management LLC increased its stake in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after buying an additional 470,706 shares during the last quarter. Bank of America Corp DE raised its holdings in Montrose Environmental Group by 42.2% in the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company’s stock valued at $33,743,000 after acquiring an additional 539,779 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Montrose Environmental Group by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock valued at $33,437,000 after acquiring an additional 11,211 shares during 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.