Montrose Environmental Group (NYSE:MEG) Sets New 12-Month Low at $21.72

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) hit a new 52-week low during trading on Wednesday . The company traded as low as $21.72 and last traded at $21.72, with a volume of 515297 shares. The stock had previously closed at $22.99.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MEG. Evercore ISI initiated coverage on Montrose Environmental Group in a report on Wednesday, August 14th. They issued an "outperform" rating and a $43.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, August 8th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $45.60.

Montrose Environmental Group Stock Down 5.5 %

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. The business has a 50 day simple moving average of $30.19 and a 200 day simple moving average of $38.47. The stock has a market cap of $740.24 million, a PE ratio of -14.68 and a beta of 1.88.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.15). The firm had revenue of $173.33 million during the quarter, compared to analyst estimates of $174.59 million. Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. On average, equities research analysts forecast that Montrose Environmental Group, Inc. will post 0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Ghisallo Capital Management LLC acquired a new position in Montrose Environmental Group during the second quarter worth $3,119,000. Driehaus Capital Management LLC increased its holdings in shares of Montrose Environmental Group by 253.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company's stock valued at $51,210,000 after acquiring an additional 823,636 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Montrose Environmental Group by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company's stock valued at $540,000 after acquiring an additional 1,695 shares in the last quarter. Millennium Management LLC lifted its holdings in Montrose Environmental Group by 969.4% in the 2nd quarter. Millennium Management LLC now owns 86,287 shares of the company's stock worth $3,845,000 after purchasing an additional 78,218 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Montrose Environmental Group during the second quarter worth approximately $2,544,000. 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.