Montrose Environmental Group (NYSE:MEG) Shares Down 6.3% - Here's Why

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

Analyst Ratings Changes

Several research firms have weighed in on MEG. Needham & Company LLC restated a "buy" rating and set a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Evercore ISI dropped 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. Finally, Stifel Nicolaus dropped their target price 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Montrose Environmental Group Price Performance

The stock has a market capitalization of $580.24 million, a PE ratio of -11.34 and a beta of 1.72. The company's fifty day simple moving average is $20.01 and its two-hundred day simple moving average 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 Investors Weigh In On Montrose Environmental Group

Several hedge funds have recently modified their holdings of MEG. Bamco Inc. NY boosted its stake in shares of Montrose Environmental Group by 84.5% during the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after purchasing an additional 1,050,000 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after purchasing an additional 934,938 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Montrose Environmental Group by 42.2% during the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock worth $33,743,000 after purchasing an additional 539,779 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Montrose Environmental Group by 52.6% during the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock worth $26,744,000 after purchasing an additional 496,661 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company's stock worth $49,086,000 after purchasing an additional 470,706 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.