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 lowered by Needham & Company LLC from $44.00 to $39.00 in a report released on Thursday, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. reissued a "neutral" rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Stifel Nicolaus reduced their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a "buy" rating on the stock in a research report on Wednesday, December 11th. Bank of America cut 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 report on Wednesday, November 6th. Finally, Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Montrose Environmental Group currently has an average rating of "Moderate Buy" and an average target price of $35.60.

Montrose Environmental Group Trading Down 2.2 %

NYSE MEG traded down $0.36 on Thursday, reaching $16.36. The stock had a trading volume of 845,647 shares, compared to its average volume of 430,002. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a fifty day moving average price of $21.48 and a two-hundred day moving average price of $30.03. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97. The firm has a market capitalization of $561.16 million, a price-to-earnings ratio of -10.98 and a beta of 1.71.

Institutional Investors Weigh In On Montrose Environmental Group

Several institutional investors have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. lifted its position in shares of Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company's stock worth $86,000 after buying an additional 586 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Montrose Environmental Group in the third quarter valued at $111,000. Los Angeles Capital Management LLC purchased a new position in shares of Montrose Environmental Group during the second quarter worth about $204,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Montrose Environmental Group during the third quarter worth about $212,000. Finally, Net Worth Advisory Group acquired a new stake in shares of Montrose Environmental Group during the third quarter worth about $213,000. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Company Profile

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.