Montrose Environmental Group (NYSE:MEG) Reaches New 12-Month Low – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $19.53 and last traded at $19.69, with a volume of 147168 shares changing hands. The stock had previously closed at $20.30.

Analysts Set New Price Targets

MEG has been the subject of a number of research reports. Needham & Company LLC reduced their target price on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday, November 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a report on Thursday, October 17th. Finally, Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.20.

Montrose Environmental Group Trading Down 7.0 %

The stock has a market capitalization of $647.58 million, a PE ratio of -12.67 and a beta of 1.86. The stock’s 50 day moving average price is $25.42 and its 200-day moving average price is $34.66. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Trading of Montrose Environmental Group

Several institutional investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. boosted its stake in Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after purchasing an additional 586 shares during the period. Point72 DIFC Ltd bought a new position in shares of Montrose Environmental Group during the third quarter worth $111,000. Los Angeles Capital Management LLC bought a new position in shares of Montrose Environmental Group during the second quarter worth $204,000. CANADA LIFE ASSURANCE Co grew its stake in Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after acquiring an additional 504 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Montrose Environmental Group in the 1st quarter valued at $271,000. Hedge funds and other institutional investors 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.