Montrose Environmental Group (NYSE:MEG) Shares Gap Down to $41.95

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $41.95, but opened at $40.44. Montrose Environmental Group shares last traded at $37.10, with a volume of 398,638 shares traded.

Analysts Set New Price Targets

MEG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research note on Thursday, April 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd.

Montrose Environmental Group Stock Down 4.1 %

The firm’s 50-day moving average price is $38.25 and its 200 day moving average price is $32.31. The firm has a market cap of $1.23 billion, a P/E ratio of -25.44 and a beta of 2.00. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.08. The business had revenue of $165.74 million during the quarter, compared to analyst estimates of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. As a group, research analysts expect that Montrose Environmental Group, Inc. will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors have recently bought and sold shares of the stock. Mutual of America Capital Management LLC lifted its holdings in Montrose Environmental Group by 134.0% in the third quarter. Mutual of America Capital Management LLC now owns 39,904 shares of the company’s stock worth $1,168,000 after purchasing an additional 22,854 shares during the period. Swiss National Bank lifted its holdings in Montrose Environmental Group by 1.8% in the third quarter. Swiss National Bank now owns 62,900 shares of the company’s stock worth $1,840,000 after purchasing an additional 1,100 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Montrose Environmental Group by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,047 shares of the company’s stock worth $6,263,000 after purchasing an additional 7,140 shares during the period. Van ECK Associates Corp lifted its holdings in Montrose Environmental Group by 58.6% in the third quarter. Van ECK Associates Corp now owns 86,047 shares of the company’s stock worth $2,518,000 after purchasing an additional 31,788 shares during the period. Finally, Graham Capital Management L.P. lifted its holdings in Montrose Environmental Group by 118.8% in the third quarter. Graham Capital Management L.P. now owns 10,863 shares of the company’s stock worth $318,000 after purchasing an additional 5,898 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.