Montrose Environmental Group (NYSE:MEG) Shares Down 7.3% Following Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG) shares dropped 7.3% during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $40.00 to $33.00. Evercore ISI currently has an outperform rating on the stock. Montrose Environmental Group traded as low as $19.61 and last traded at $19.54. Approximately 72,522 shares changed hands during trading, a decline of 85% from the average daily volume of 490,172 shares. The stock had previously closed at $21.09.

Several other research analysts have also recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, January 28th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Stifel Nicolaus lowered their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Institutional Trading of Montrose Environmental Group

A number of institutional investors have recently modified their holdings of the company. KBC Group NV lifted its position in Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after acquiring an additional 1,613 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Montrose Environmental Group during the fourth quarter worth $105,000. Point72 DIFC Ltd purchased a new stake in shares of Montrose Environmental Group during the 3rd quarter valued at $111,000. PNC Financial Services Group Inc. boosted its position in shares of Montrose Environmental Group by 42.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock worth $118,000 after purchasing an additional 1,898 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Montrose Environmental Group during the 4th quarter worth $130,000. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Trading Down 2.3 %

The company has a 50 day moving average of $19.58 and a two-hundred day moving average of $24.05. The stock has a market capitalization of $637.64 million, a PE ratio of -12.48 and a beta of 1.71. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

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.