Montrose Environmental Group (NYSE:MEG) Shares Down 5.6% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price dropped 5.6% during trading on Thursday . The stock traded as low as $22.28 and last traded at $22.18. Approximately 130,788 shares were traded during trading, a decline of 77% from the average daily volume of 560,680 shares. The stock had previously closed at $23.51.

Analyst Upgrades and Downgrades

MEG has been the subject of several research analyst reports. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research note on Friday, January 17th. Stifel Nicolaus lowered 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 report on Wednesday, December 11th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Montrose Environmental Group presently has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Stock Performance

The business’s 50-day moving average price is $18.99 and its 200-day moving average price is $25.48. The stock has a market cap of $806.53 million, a P/E ratio of -15.78 and a beta of 1.70. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Fred Alger Management LLC lifted its position in Montrose Environmental Group by 33.7% during the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after purchasing an additional 470,706 shares during 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 during the period. Driehaus Capital Management LLC raised its position in Montrose Environmental Group by 253.0% in the 2nd 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 during the period. Geode Capital Management LLC lifted its stake in Montrose Environmental Group by 3.4% in the third quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after purchasing an additional 23,356 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Montrose Environmental Group by 0.8% during the third quarter. State Street Corp now owns 679,871 shares of the company’s stock valued at $17,881,000 after buying an additional 5,687 shares during the period. 87.87% of the stock is currently owned by institutional investors.

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.