Montrose Environmental Group (NYSE:MEG) Stock Price Down 6.3% - Here's What Happened

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) traded down 6.3% during mid-day trading on Thursday . The stock traded as low as $16.72 and last traded at $16.46. 46,247 shares were traded during trading, a decline of 91% from the average session volume of 492,893 shares. The stock had previously closed at $17.56.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MEG shares. Stifel Nicolaus decreased their target price on shares of 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. Evercore ISI reduced their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a research report on Monday, February 10th. Finally, Needham & Company LLC restated a "buy" rating and issued a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Montrose Environmental Group Trading Up 0.2 %

The stock has a market cap of $580.24 million, a PE ratio of -11.34 and a beta of 1.72. The company's 50-day moving average price is $20.01 and its 200 day moving average price is $21.99. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

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Institutional Trading of Montrose Environmental Group

A number of hedge funds and other institutional investors have recently modified their holdings of MEG. Quarry LP purchased a new position in Montrose Environmental Group during the fourth quarter worth about $36,000. KBC Group NV lifted its holdings in shares of Montrose Environmental Group by 126.5% in the 4th quarter. KBC Group NV now owns 2,888 shares of the company's stock worth $54,000 after acquiring an additional 1,613 shares during the last quarter. Avanza Fonder AB purchased a new position in shares of Montrose Environmental Group during the 4th quarter worth approximately $105,000. Point72 DIFC Ltd acquired a new stake in Montrose Environmental Group in the 3rd quarter valued at approximately $111,000. Finally, PNC Financial Services Group Inc. raised its position in 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 during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

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.