Montrose Environmental Group (NYSE:MEG) Trading Down 3.6% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) dropped 3.6% on Friday . The company traded as low as $18.07 and last traded at $18.14. Approximately 144,182 shares changed hands during trading, a decline of 65% from the average daily volume of 408,346 shares. The stock had previously closed at $18.82.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Needham & Company LLC decreased their price objective on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Stock Down 5.3 %

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 has a 50 day simple moving average of $24.64 and a 200-day simple moving average of $34.00. The firm has a market capitalization of $611.59 million, a price-to-earnings ratio of -12.68 and a beta of 1.86.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fred Alger Management LLC grew 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 valued at $49,086,000 after buying an additional 470,706 shares in the last quarter. Vanguard Group Inc. boosted its position in Montrose Environmental Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock valued at $60,502,000 after buying an additional 9,913 shares during the period. Federated Hermes Inc. grew its stake in shares of Montrose Environmental Group by 11.4% in the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after acquiring an additional 130,000 shares in the last quarter. Bamco Inc. NY raised its stake in shares of Montrose Environmental Group by 7.4% in the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock valued at $32,681,000 after acquiring an additional 86,000 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its holdings in Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after purchasing an additional 823,636 shares during the period. Institutional investors and hedge funds 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.