Montrose Environmental Group (NYSE:MEG) Stock Price Down 7% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) shares fell 7% during mid-day trading on Thursday . The company traded as low as $20.42 and last traded at $20.47. 325,360 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 392,454 shares. The stock had previously closed at $22.00.

Analyst Ratings Changes

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

Montrose Environmental Group Price Performance

The stock has a market capitalization of $647.58 million, a P/E ratio of -12.67 and a beta of 1.86. 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 stock has a 50-day simple moving average of $25.42 and a 200 day simple moving average of $34.72.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Fred Alger Management LLC boosted its position in Montrose Environmental Group by 33.7% in the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after buying an additional 470,706 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Montrose Environmental Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock worth $60,502,000 after purchasing an additional 9,913 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Montrose Environmental Group by 11.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after purchasing an additional 130,000 shares during the last quarter. Bamco Inc. NY boosted its position in shares of Montrose Environmental Group by 7.4% in the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares during the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of 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 last quarter. 87.87% of the stock is currently owned by institutional investors.

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.