Montrose Environmental Group (NYSE:MEG) Shares Down 4.3% – Should You Sell?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) fell 4.3% during mid-day trading on Wednesday . The company traded as low as $15.35 and last traded at $15.08. 81,092 shares were traded during trading, a decline of 83% from the average session volume of 485,437 shares. The stock had previously closed at $15.76.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MEG. Evercore ISI dropped their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, February 10th. Stifel Nicolaus lowered 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 research note on Wednesday, December 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and an average price target of $33.60.

Montrose Environmental Group Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The company has a fifty day simple moving average of $19.83 and a two-hundred day simple moving average of $21.68. The firm has a market capitalization of $514.93 million, a PE ratio of -10.09 and a beta of 1.72.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. 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. Natixis Advisors LLC lifted its holdings in Montrose Environmental Group by 6.9% during the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock worth $549,000 after buying an additional 1,351 shares during the period. Quest Partners LLC bought a new stake in Montrose Environmental Group during the 3rd quarter valued at $322,000. Wrapmanager Inc. increased its holdings in shares of Montrose Environmental Group by 18.8% in the 3rd quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock valued at $236,000 after acquiring an additional 1,420 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Montrose Environmental Group in the 3rd quarter worth $212,000. 87.87% of the stock is currently owned by institutional investors.

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.