Montrose Environmental Group (NYSE:MEG) Stock Price Down 9.6% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) dropped 9.6% on Thursday . The stock traded as low as $17.93 and last traded at $17.99. Approximately 262,290 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 486,327 shares. The stock had previously closed at $19.90.

Wall Street Analyst Weigh In

MEG has been the subject of several recent analyst reports. Stifel Nicolaus dropped their price target 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. Evercore ISI lowered their target price on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, February 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Down 4.0 %

The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $590.87 million, a P/E ratio of -11.56 and a beta of 1.71. The business has a 50-day moving average price of $20.18 and a 200 day moving average price of $22.73.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Paradigm Capital Management Inc. NY purchased a new stake in Montrose Environmental Group during the 4th quarter valued at $1,855,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Montrose Environmental Group by 3.0% in 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 purchasing an additional 67,280 shares during the period. Toronto Dominion Bank purchased a new stake in Montrose Environmental Group in the fourth quarter worth $2,505,000. Point72 Asset Management L.P. increased its stake in Montrose Environmental Group by 13.4% in the fourth quarter. Point72 Asset Management L.P. now owns 36,000 shares of the company’s stock worth $668,000 after purchasing an additional 4,243 shares during the period. Finally, Millennium Management LLC increased its stake in Montrose Environmental Group by 52.6% in the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock worth $26,744,000 after purchasing an additional 496,661 shares during the period. 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.