Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.3% – What’s Next?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price traded down 4.3% on Wednesday . The stock traded as low as $15.35 and last traded at $15.08. 81,092 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 485,437 shares. The stock had previously closed at $15.76.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MEG. 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 Tuesday, March 4th. Stifel Nicolaus lowered their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Finally, Evercore ISI lowered their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a report on Monday, February 10th. Two 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 a consensus price target of $33.60.

Montrose Environmental Group Price Performance

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 firm has a fifty day simple moving average of $19.83 and a two-hundred day simple moving average of $21.68. The firm has a market cap of $514.93 million, a PE ratio of -10.09 and a beta of 1.72.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in Montrose Environmental Group during the fourth quarter valued at $36,000. KBC Group NV grew its position in Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after acquiring an additional 1,613 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Montrose Environmental Group during the third quarter valued at approximately $111,000. Avanza Fonder AB bought a new stake in shares of Montrose Environmental Group in the 4th quarter valued at 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 worth $118,000 after purchasing an additional 1,898 shares during the period. 87.87% of the stock is owned by hedge funds and other 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.