Montrose Environmental Group (NYSE:MEG) Trading Down 7.7%

Montrose Environmental Group, Inc. (NYSE:MEG) shares fell 7.7% during mid-day trading on Tuesday . The stock traded as low as $23.96 and last traded at $24.28. 346,897 shares were traded during mid-day trading, an increase of 1% from the average session volume of 342,754 shares. The stock had previously closed at $26.30.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target on shares of Montrose Environmental Group in a report on Thursday, August 8th. Evercore ISI assumed coverage on Montrose Environmental Group in a report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price target for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a market cap of $793.06 million, a price-to-earnings ratio of -15.96 and a beta of 1.88. The stock has a fifty day moving average of $30.53 and a 200 day moving average of $38.69.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings data 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 negative net margin of 4.91% and a positive return on equity of 0.22%. The business had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. On average, analysts expect that Montrose Environmental Group, Inc. will post 0.19 EPS for the current fiscal year.

Institutional Trading of Montrose Environmental Group

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Montrose Environmental Group by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock worth $60,502,000 after purchasing an additional 9,913 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Montrose Environmental Group by 17.6% during the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after purchasing an additional 208,785 shares in the last quarter. Federated Hermes Inc. grew its holdings in Montrose Environmental Group by 11.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after buying an additional 130,000 shares in the last quarter. Bamco Inc. NY grew its holdings in Montrose Environmental Group by 9.8% in the 1st quarter. Bamco Inc. NY now owns 1,154,030 shares of the company’s stock valued at $45,203,000 after buying an additional 102,536 shares in the last quarter. Finally, Driehaus Capital Management LLC grew 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 valued at $51,210,000 after buying an additional 823,636 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other 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.