Montrose Environmental Group (NYSE:MEG) Trading Down 3.6% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price fell 3.6% during trading on Friday . The company traded as low as $18.07 and last traded at $18.14. 144,182 shares were traded during mid-day trading, a decline of 65% from the average session volume of 408,346 shares. The stock had previously closed at $18.82.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MEG. Needham & Company LLC lowered their price objective on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday, November 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Finally, Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Stock Performance

The company has a market capitalization of $613.63 million, a price-to-earnings ratio of -12.01 and a beta of 1.86. The stock has a 50 day simple moving average of $24.41 and a 200 day simple moving average of $33.70. 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 Trading of Montrose Environmental Group

Several hedge funds have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. lifted its stake in Montrose Environmental Group by 43.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after buying an additional 586 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Montrose Environmental Group in the 3rd quarter worth about $111,000. CANADA LIFE ASSURANCE Co lifted its position in Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after purchasing an additional 504 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Montrose Environmental Group during the 2nd quarter valued at about $204,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Montrose Environmental Group during the 3rd quarter valued at about $212,000. Institutional investors own 87.87% of the company’s stock.

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.