Montrose Environmental Group (NYSE:MEG) Trading Down 4.3% - Here's Why

Shares of Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) traded down 4.3% during mid-day trading on Wednesday . The stock traded as low as $15.35 and last traded at $15.08. 81,092 shares traded hands during trading, a decline of 83% from the average session volume of 485,437 shares. The stock had previously closed at $15.76.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MEG. Evercore ISI decreased their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, February 10th. Stifel Nicolaus dropped their price target on Montrose Environmental Group from $41.00 to $38.00 and set a "buy" rating for the company in a report on Wednesday, December 11th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The company's 50 day moving average price is $19.46 and its 200 day moving average price is $21.32. The firm has a market capitalization of $501.02 million, a P/E ratio of -9.79 and a beta of 1.72.

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Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently made changes to their positions in MEG. Quarry LP acquired a new stake in shares of Montrose Environmental Group during the 4th quarter worth approximately $36,000. KBC Group NV boosted its stake in 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 acquiring an additional 1,613 shares during the last quarter. Avanza Fonder AB acquired a new stake in Montrose Environmental Group during the 4th quarter worth $105,000. Point72 DIFC Ltd bought a new stake in Montrose Environmental Group in the third quarter valued at about $111,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock worth $118,000 after buying an additional 1,898 shares during the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

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.