Montrose Environmental Group (NYSE:MEG) Shares Down 5.6% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price dropped 5.6% on Thursday . The company traded as low as $22.28 and last traded at $22.18. Approximately 130,788 shares traded hands during trading, a decline of 77% from the average daily volume of 560,680 shares. The stock had previously closed at $23.51.

Analysts Set New Price Targets

MEG has been the topic of a number of research reports. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Stifel Nicolaus decreased their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Needham & Company LLC reiterated a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research report on Friday, January 17th. Finally, Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Price Performance

The company has a 50 day moving average of $18.85 and a 200-day moving average of $25.61. The firm has a market capitalization of $772.30 million, a P/E ratio of -15.11 and a beta of 1.70. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds have recently modified their holdings of MEG. Fred Alger Management LLC grew its holdings in Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after acquiring an additional 470,706 shares during the period. Bamco Inc. NY increased its holdings in Montrose Environmental Group by 7.4% in the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after buying an additional 823,636 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after buying an additional 23,356 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Montrose Environmental Group by 0.8% in the 3rd quarter. State Street Corp now owns 679,871 shares of the company’s stock valued at $17,881,000 after acquiring an additional 5,687 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.