Montrose Environmental Group (NYSE:MEG) Trading Down 4.8% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price fell 4.8% on Wednesday . The stock traded as low as $19.92 and last traded at $19.95. 179,160 shares changed hands during trading, a decline of 50% from the average session volume of 360,304 shares. The stock had previously closed at $20.95.

Analyst Upgrades and Downgrades

MEG has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 3rd. Evercore ISI initiated coverage on Montrose Environmental Group in a research note on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 target price for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Montrose Environmental Group has a consensus rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Price Performance

The firm has a market capitalization of $764.36 million, a PE ratio of -14.99 and a beta of 1.87. The firm’s fifty day moving average price is $29.00 and its 200 day moving average price is $37.76. 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 posted 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 business had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. As a group, equities analysts forecast that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Several large investors have recently made changes to their positions in the company. Driehaus Capital Management LLC boosted its position in 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. Bank of New York Mellon Corp grew its stake in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after acquiring an additional 276,166 shares during the period. Victory Capital Management Inc. acquired a new stake in Montrose Environmental Group in the 2nd quarter valued at $10,666,000. Fred Alger Management LLC increased its holdings in Montrose Environmental Group by 17.6% in the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after acquiring an additional 208,785 shares in the last quarter. Finally, Blair William & Co. IL raised its position in Montrose Environmental Group by 30.4% during the first quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock worth $28,685,000 after acquiring an additional 170,924 shares during the period. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.