Montrose Environmental Group (NYSE:MEG) Shares Down 7.1% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 7.1% on Friday . The stock traded as low as $21.26 and last traded at $21.49. Approximately 50,675 shares were traded 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 brokerages have issued reports on MEG. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Stifel Nicolaus reduced their target price on 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. Evercore ISI dropped their price target 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. Needham & Company LLC reissued a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Price Performance

The company’s 50 day simple moving average is $20.03 and its 200 day simple moving average is $23.04. 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 $668.35 million, a PE ratio of -13.08 and a beta of 1.71.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in Montrose Environmental Group in the 4th quarter valued at about $36,000. KBC Group NV grew its holdings in Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after purchasing an additional 1,613 shares during the period. Point72 DIFC Ltd acquired a new position in Montrose Environmental Group during the third quarter worth approximately $111,000. Avanza Fonder AB purchased a new position in Montrose Environmental Group during the fourth quarter worth approximately $105,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Montrose Environmental Group by 42.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after purchasing an additional 1,898 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.