Montrose Environmental Group (NYSE:MEG) Stock Price Down 5% – What’s Next?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price dropped 5% during mid-day trading on Thursday . The stock traded as low as $17.27 and last traded at $17.36. Approximately 104,819 shares traded hands during trading, a decline of 75% from the average daily volume of 413,759 shares. The stock had previously closed at $18.28.

Analyst Upgrades and Downgrades

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

Montrose Environmental Group Price Performance

The stock’s fifty day moving average price is $22.34 and its 200-day moving average price is $31.86. The firm has a market cap of $581.73 million, a PE ratio of -11.38 and a beta of 1.71. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds have recently modified their holdings of MEG. Driehaus Capital Management LLC lifted its stake 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 valued at $51,210,000 after purchasing an additional 823,636 shares during the last quarter. Fred Alger Management LLC lifted its position in Montrose Environmental Group by 33.7% in the third 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. Bank of New York Mellon Corp lifted its position in Montrose Environmental Group by 271.2% in the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after buying an additional 276,166 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Montrose Environmental Group during the third quarter worth about $6,801,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Montrose Environmental Group during the second quarter valued at about $10,666,000. Hedge funds and other 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.