Montrose Environmental Group (NYSE:MEG) Reaches New 1-Year Low - Here's What Happened

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $20.57 and last traded at $20.57, with a volume of 16412 shares changing hands. The stock had previously closed at $21.13.

Analysts Set New Price Targets

MEG has been the subject of a number of recent analyst reports. Evercore ISI initiated coverage on shares of Montrose Environmental Group in a research note on Wednesday, August 14th. They issued an "outperform" rating and a $43.00 target price for the company. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, October 3rd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $45.60.

Montrose Environmental Group Stock Down 0.9 %

The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The business's 50-day simple moving average is $29.63 and its 200-day simple moving average is $38.12. The company has a market capitalization of $714.00 million, a PE ratio of -14.16 and a beta of 1.87.

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

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Montrose Environmental Group in the third quarter valued at $470,000. Ghisallo Capital Management LLC purchased a new position in shares of Montrose Environmental Group in the 2nd quarter valued at about $3,119,000. Driehaus Capital Management LLC raised its holdings in Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company's stock worth $51,210,000 after purchasing an additional 823,636 shares during the period. The Manufacturers Life Insurance Company boosted its position in Montrose Environmental Group by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company's stock worth $540,000 after purchasing an additional 1,695 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Montrose Environmental Group by 969.4% in the second quarter. Millennium Management LLC now owns 86,287 shares of the company's stock valued at $3,845,000 after purchasing an additional 78,218 shares during the period. 87.87% of the stock is owned by hedge funds and other institutional investors.

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.