Needham & Company LLC Issues Pessimistic Forecast for Montrose Environmental Group (NYSE:MEG) Stock Price

Montrose Environmental Group (NYSE:MEG - Free Report) had its target price decreased by Needham & Company LLC from $39.00 to $28.00 in a report issued on Friday morning, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Evercore ISI reduced their price target on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a research report on Monday, February 10th. Stifel Nicolaus reduced their target price on 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 equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.40.

Montrose Environmental Group Price Performance

MEG stock traded up $1.51 during mid-day trading on Friday, reaching $12.25. 483,854 shares of the company traded hands, compared to its average volume of 522,234. The company has a fifty day moving average price of $17.13 and a 200-day moving average price of $19.97. Montrose Environmental Group has a 52-week low of $10.06 and a 52-week high of $49.97. The company has a market capitalization of $424.46 million, a P/E ratio of -8.22 and a beta of 1.81. 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 Trading of Montrose Environmental Group

Hedge funds have recently added to or reduced their stakes in the business. Bamco Inc. NY increased its stake in Montrose Environmental Group by 84.5% in the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after purchasing an additional 1,050,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Montrose Environmental Group by 3.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company's stock worth $42,316,000 after acquiring an additional 67,280 shares during the last quarter. Bank of America Corp DE increased its position in shares of Montrose Environmental Group by 42.2% in the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock valued at $33,743,000 after acquiring an additional 539,779 shares during the period. Vanguard Group Inc. raised its stake in shares of Montrose Environmental Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company's stock valued at $33,437,000 after acquiring an additional 11,211 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of Montrose Environmental Group by 175.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after purchasing an additional 934,938 shares during the period. 87.87% of the stock is 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.