Montrose Environmental Group (NYSE:MEG) Hits New 1-Year Low – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price reached a new 52-week low on Friday . The stock traded as low as $19.53 and last traded at $19.69, with a volume of 147168 shares. The stock had previously closed at $20.30.

Wall Street Analyst Weigh In

MEG has been the topic of several analyst reports. Evercore ISI set a $43.00 target price on shares of 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 objective for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC lowered their price target 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. Finally, JPMorgan Chase & Co. reaffirmed 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. Two investment 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Stock Performance

The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The business has a fifty day moving average price of $25.62 and a 200 day moving average price of $34.89.

Hedge Funds Weigh In On Montrose Environmental Group

A number of large investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. bought a new stake in Montrose Environmental Group during the second quarter worth about $1,095,000. Ghisallo Capital Management LLC bought a new stake in shares of Montrose Environmental Group during the 2nd quarter worth approximately $3,119,000. Moody National Bank Trust Division acquired a new stake in shares of Montrose Environmental Group in the 2nd quarter valued at approximately $1,159,000. Lord Abbett & CO. LLC acquired a new stake in shares of Montrose Environmental Group in the 1st quarter valued at approximately $1,461,000. Finally, Driehaus Capital Management LLC grew its stake in shares of Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after buying an additional 823,636 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.