Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.8% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded down 4.8% during mid-day trading on Wednesday . The company traded as low as $19.92 and last traded at $19.95. 179,160 shares traded hands during trading, a decline of 50% from the average session volume of 360,304 shares. The stock had previously closed at $20.95.

Analyst Ratings Changes

A number of analysts recently commented on MEG shares. Evercore ISI initiated coverage on Montrose Environmental Group in a research note on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research note on Thursday, October 3rd. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $45.60.

Montrose Environmental Group Price Performance

The stock has a 50-day simple moving average of $29.44 and a 200 day simple moving average of $38.00. The company has a market cap of $693.55 million, a P/E ratio of -13.75 and a beta of 1.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.15). The business had revenue of $173.33 million during the quarter, compared to analyst estimates of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. On average, equities analysts expect that Montrose Environmental Group, Inc. will post 0.19 EPS for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently modified their holdings of MEG. Driehaus Capital Management LLC increased 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 worth $51,210,000 after purchasing an additional 823,636 shares in the last quarter. Bank of New York Mellon Corp raised its position in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after buying an additional 276,166 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Montrose Environmental Group during the second quarter worth $10,666,000. Fred Alger Management LLC grew its position in shares of Montrose Environmental Group by 17.6% during the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after acquiring an additional 208,785 shares during the period. Finally, Blair William & Co. IL increased its position in Montrose Environmental Group by 30.4% in the first quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock worth $28,685,000 after buying an additional 170,924 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.