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

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 9.6% on Thursday . The company traded as low as $17.93 and last traded at $17.99. Approximately 262,290 shares changed hands 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.

Analyst Upgrades and Downgrades

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

Montrose Environmental Group Trading Down 4.0 %

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new position in shares of Montrose Environmental Group during the 4th quarter valued at approximately $36,000. KBC Group NV grew its stake in shares of Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after acquiring an additional 1,613 shares during the period. Point72 DIFC Ltd bought a new position in shares of Montrose Environmental Group during the 3rd quarter valued at approximately $111,000. Avanza Fonder AB bought a new position in shares of Montrose Environmental Group during the 4th quarter valued at approximately $105,000. Finally, PNC Financial Services Group Inc. boosted its stake in 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 worth $118,000 after purchasing an additional 1,898 shares during the period. 87.87% of the stock is currently owned by institutional investors.

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.