Montrose Environmental Group (NYSE:MEG) Shares Down 5.1% - What's Next?

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s share price was down 5.1% during mid-day trading on Tuesday . The company traded as low as $20.54 and last traded at $20.64. Approximately 68,426 shares changed hands during trading, a decline of 89% from the average daily volume of 636,911 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

Several research firms have recently issued reports on MEG. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Stifel Nicolaus dropped their price objective on Montrose Environmental Group from $41.00 to $38.00 and set a "buy" rating on the stock in a research note 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 target for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Needham & Company LLC reduced their price objective on shares of Montrose Environmental Group from $44.00 to $39.00 and set a "buy" rating for the company in a research report on Thursday, December 19th. Finally, Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a report on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.60.

Montrose Environmental Group Stock Down 3.1 %

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 stock has a market cap of $723.07 million, a price-to-earnings ratio of -14.15 and a beta of 1.70. The business's 50 day moving average is $18.79 and its 200 day moving average is $26.25.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. increased its stake in Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company's stock valued at $86,000 after buying an additional 586 shares during the period. Natixis Advisors LLC increased its stake in shares of Montrose Environmental Group by 6.9% in the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company's stock worth $549,000 after acquiring an additional 1,351 shares during the last quarter. Wrapmanager Inc. raised its holdings in shares of Montrose Environmental Group by 18.8% during the third quarter. Wrapmanager Inc. now owns 8,955 shares of the company's stock worth $236,000 after acquiring an additional 1,420 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Montrose Environmental Group by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company's stock valued at $540,000 after purchasing an additional 1,695 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in Montrose Environmental Group by 17.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,766 shares of the company's stock valued at $970,000 after purchasing an additional 3,248 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

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.