Montrose Environmental Group (NYSE:MEG) Hits New 52-Week Low – Should You Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price hit a new 52-week low on Friday . The company 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a research report on Thursday, October 17th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Needham & Company LLC decreased their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.20.

Montrose Environmental Group Stock Down 4.7 %

The firm’s fifty day moving average is $25.62 and its 200-day moving average is $34.89. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new position in Montrose Environmental Group during the 2nd quarter valued at about $1,095,000. Ghisallo Capital Management LLC acquired a new stake in Montrose Environmental Group during the 2nd quarter worth $3,119,000. Moody National Bank Trust Division bought a new stake in shares of Montrose Environmental Group during the 2nd quarter valued at $1,159,000. Lord Abbett & CO. LLC acquired a new position in shares of Montrose Environmental Group in the 1st quarter valued at $1,461,000. Finally, Driehaus Capital Management LLC boosted its position in shares of 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 during the last quarter. 87.87% of the stock is 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.