Needham & Company LLC Issues Pessimistic Forecast for Montrose Environmental Group (NYSE:MEG) Stock Price

Montrose Environmental Group (NYSE:MEG) had its target price dropped by Needham & Company LLC from $44.00 to $39.00 in a research report issued on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 129.01% from the company’s previous close.

A number of other equities research analysts also recently issued reports on MEG. JPMorgan Chase & Co. reissued 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. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a report on Thursday, October 17th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus reduced their price objective on shares of 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. 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 company presently has an average rating of “Moderate Buy” and an average price target of $35.60.

Montrose Environmental Group Stock Performance

NYSE MEG opened at $17.03 on Thursday. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97. The firm has a 50-day moving average price of $21.29 and a two-hundred day moving average price of $29.73. The company has a market capitalization of $584.15 million, a P/E ratio of -11.43 and a beta of 1.71. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MEG. Royce & Associates LP boosted its position in Montrose Environmental Group by 43.3% in the third quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock valued at $9,075,000 after buying an additional 104,320 shares in the last quarter. Ghisallo Capital Management LLC acquired a new stake in shares of Montrose Environmental Group during the 2nd quarter valued at $3,119,000. FMR LLC grew its position in Montrose Environmental Group by 11.1% during the 3rd quarter. FMR LLC now owns 352,264 shares of the company’s stock worth $9,265,000 after acquiring an additional 35,314 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Montrose Environmental Group in the 3rd quarter worth about $6,801,000. Finally, Rockefeller Capital Management L.P. raised its position in Montrose Environmental Group by 189.3% in the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock valued at $1,223,000 after purchasing an additional 30,437 shares during the last quarter. 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.