Montrose Environmental Group (NYSE:MEG) Reaches New 12-Month Low - Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $14.90 and last traded at $15.42, with a volume of 605437 shares. The stock had previously closed at $15.76.

Analyst Ratings Changes

Several research firms recently issued reports on MEG. Evercore ISI reduced their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a report on Monday, February 10th. Needham & Company LLC reissued a "buy" rating and issued a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Finally, Stifel Nicolaus cut their price objective on shares of 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $33.60.

Montrose Environmental Group Stock Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The business's fifty day simple moving average is $19.46 and its 200-day simple moving average is $21.39. The firm has a market capitalization of $501.02 million, a PE ratio of -9.79 and a beta of 1.72.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently added to or reduced their stakes in MEG. Quarry LP purchased a new position in shares of Montrose Environmental Group in the fourth quarter valued at $36,000. KBC Group NV grew its holdings in shares of Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company's stock valued at $54,000 after purchasing an additional 1,613 shares in the last quarter. Avanza Fonder AB purchased a new position in shares of Montrose Environmental Group in the fourth quarter valued at $105,000. Point72 DIFC Ltd purchased a new position in shares of Montrose Environmental Group in the third quarter valued at $111,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Montrose Environmental Group by 42.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock valued at $118,000 after purchasing an additional 1,898 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

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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.