Montrose Environmental Group (NYSE:MEG) Shares Down 9.6% - Here's Why

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s share price traded down 9.6% during mid-day trading on Thursday . The stock traded as low as $17.93 and last traded at $17.99. 262,290 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 486,327 shares. The stock had previously closed at $19.90.

Analyst Upgrades and Downgrades

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

Montrose Environmental Group Stock Performance

The stock has a market capitalization of $571.76 million, a P/E ratio of -11.20 and a beta of 1.72. The company's fifty day simple moving average is $20.18 and its two-hundred day simple moving average is $22.46. 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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Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp raised its stake in shares of Montrose Environmental Group by 61.8% in the third quarter. Van ECK Associates Corp now owns 102,303 shares of the company's stock worth $2,757,000 after purchasing an additional 39,079 shares during the last quarter. Privium Fund Management B.V. bought a new stake in shares of Montrose Environmental Group in the 3rd quarter valued at about $350,000. Chartwell Investment Partners LLC grew its stake in shares of Montrose Environmental Group by 33.5% in the third quarter. Chartwell Investment Partners LLC now owns 23,351 shares of the company's stock worth $614,000 after purchasing an additional 5,861 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Montrose Environmental Group during the third quarter valued at approximately $689,000. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Montrose Environmental Group by 39.3% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 30,328 shares of the company's stock worth $798,000 after purchasing an additional 8,562 shares during the period. 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.