Montrose Environmental Group (NYSE:MEG) Shares Down 5% – Should You Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price traded down 5% on Thursday . The company traded as low as $17.27 and last traded at $17.36. 104,819 shares were traded during trading, a decline of 75% from the average session volume of 413,759 shares. The stock had previously closed at $18.28.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MEG. Needham & Company LLC cut their target price on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Price Performance

The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average price is $22.77 and its two-hundred day moving average price is $32.19. The stock has a market cap of $590.99 million, a P/E ratio of -12.27 and a beta of 1.71.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. grew its holdings in Montrose Environmental Group by 43.2% in the second 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. Price T Rowe Associates Inc. MD boosted its position in shares of Montrose Environmental Group by 10.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock worth $514,000 after purchasing an additional 1,211 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Montrose Environmental Group by 6.9% in the 3rd quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock worth $549,000 after buying an additional 1,351 shares during the last quarter. Wrapmanager Inc. increased its position in Montrose Environmental Group by 18.8% during the 3rd quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock valued at $236,000 after buying an additional 1,420 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Montrose Environmental Group by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock valued at $540,000 after buying an additional 1,695 shares in the last quarter. 87.87% of the stock is currently owned by 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.