Montrose Environmental Group (NYSE:MEG) Trading Down 3.6% – Time to Sell?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded down 3.6% on Friday . The company traded as low as $18.07 and last traded at $18.14. 144,182 shares were traded during trading, a decline of 65% from the average session volume of 408,346 shares. The stock had previously closed at $18.82.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MEG shares. Needham & Company LLC decreased their price objective on shares of 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. JPMorgan Chase & Co. restated a “neutral” rating and set 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 price target 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 objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.20.

Montrose Environmental Group Stock Down 4.9 %

The firm’s 50 day moving average price is $24.41 and its two-hundred day moving average price is $33.70. The firm has a market capitalization of $613.63 million, a PE ratio of -12.01 and a beta of 1.86. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP lifted its stake in shares of Montrose Environmental Group by 43.3% in the third quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after acquiring an additional 104,320 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Montrose Environmental Group in the 2nd quarter valued at approximately $1,095,000. Ghisallo Capital Management LLC acquired a new position in shares of Montrose Environmental Group in the 2nd quarter valued at approximately $3,119,000. Moody National Bank Trust Division purchased a new position in shares of Montrose Environmental Group during the 2nd quarter valued at approximately $1,159,000. Finally, Driehaus Capital Management LLC grew its position in shares of Montrose Environmental Group by 253.0% during the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

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.