Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.9% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price was down 4.9% during trading on Monday . The company traded as low as $16.19 and last traded at $16.19. Approximately 226,090 shares changed hands during trading, a decline of 47% from the average daily volume of 430,359 shares. The stock had previously closed at $17.03.

Wall Street Analyst Weigh In

MEG has been the topic of several analyst reports. Needham & Company LLC reduced their price objective on shares of Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Stifel Nicolaus decreased their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Stock Performance

The stock has a market capitalization of $591.69 million, a P/E ratio of -11.58 and a beta of 1.72. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $20.96 and a two-hundred day moving average price of $29.12.

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds have recently added to or reduced their stakes in the business. Fred Alger Management LLC boosted its holdings in shares of Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after buying an additional 470,706 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Montrose Environmental Group by 11.4% during the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after acquiring an additional 130,000 shares during the period. Bamco Inc. NY boosted its stake in Montrose Environmental Group by 7.4% during the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after acquiring an additional 86,000 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in 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 worth $51,210,000 after purchasing an additional 823,636 shares during the period. Finally, Blair William & Co. IL increased its stake in Montrose Environmental Group by 5.1% in the second quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock valued at $34,296,000 after purchasing an additional 37,335 shares in 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.