Montrose Environmental Group (NYSE:MEG) Shares Down 5.1% – Should You Sell?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded down 5.1% during mid-day trading on Tuesday . The stock traded as low as $20.54 and last traded at $20.64. 68,426 shares traded hands during trading, a decline of 89% from the average session volume of 636,911 shares. The stock had previously closed at $21.76.

Wall Street Analysts Forecast Growth

MEG has been the subject of a number of research reports. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a report on Thursday, October 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Needham & Company LLC reduced their price target on shares of Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Stifel Nicolaus decreased their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Finally, Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Stock Down 1.7 %

The firm’s fifty day moving average is $18.75 and its two-hundred day moving average is $26.23. The firm has a market cap of $762.96 million, a price-to-earnings ratio of -14.93 and a beta of 1.70. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Avanza Fonder AB acquired a new stake in Montrose Environmental Group in the fourth quarter worth approximately $105,000. Procyon Advisors LLC lifted its holdings in shares of Montrose Environmental Group by 72.5% in the fourth quarter. Procyon Advisors LLC now owns 21,453 shares of the company’s stock valued at $398,000 after buying an additional 9,013 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Montrose Environmental Group by 159.2% in the third quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company’s stock valued at $1,873,000 after buying an additional 43,739 shares during the period. Synovus Financial Corp boosted its stake in Montrose Environmental Group by 327.3% during the third quarter. Synovus Financial Corp now owns 24,388 shares of the company’s stock valued at $641,000 after buying an additional 18,681 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Montrose Environmental Group during the third quarter worth about $295,000. 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.