Montrose Environmental Group (NYSE:MEG) Trading Down 3.3% - Here's Why

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s stock price traded down 3.3% during trading on Wednesday . The company traded as low as $25.85 and last traded at $26.00. 787,653 shares traded hands during mid-day trading, an increase of 111% from the average session volume of 373,842 shares. The stock had previously closed at $26.89.

Wall Street Analysts Forecast Growth

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

Montrose Environmental Group Stock Down 1.3 %

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 firm has a market cap of $904.17 million, a P/E ratio of -17.93 and a beta of 1.87. The stock's fifty day moving average is $28.75 and its two-hundred day moving average is $37.45.

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

Institutional Trading of Montrose Environmental Group

A number of hedge funds have recently bought and sold shares of MEG. Benjamin F. Edwards & Company Inc. raised its stake in shares of Montrose Environmental Group by 453.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company's stock worth $53,000 after acquiring an additional 1,111 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Montrose Environmental Group by 11.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company's stock worth $187,000 after purchasing an additional 504 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Montrose Environmental Group during the second quarter valued at about $204,000. Bayesian Capital Management LP purchased a new position in shares of Montrose Environmental Group in the first quarter worth about $271,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in shares of Montrose Environmental Group in the 2nd quarter valued at about $310,000. 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.

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