Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.3% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price traded down 4.3% on Wednesday . The company traded as low as $15.35 and last traded at $15.08. 81,092 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 485,437 shares. The stock had previously closed at $15.76.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MEG. Stifel Nicolaus decreased their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research report on Tuesday, March 4th. Finally, Evercore ISI lowered their target price on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Montrose Environmental Group presently has an average rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Down 3.2 %

The stock has a market capitalization of $511.56 million, a price-to-earnings ratio of -10.00 and a beta of 1.72. 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 firm’s 50 day simple moving average is $19.61 and its 200-day simple moving average is $21.59.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Bamco Inc. NY lifted its stake in Montrose Environmental Group by 84.5% in the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company’s stock valued at $42,528,000 after acquiring an additional 1,050,000 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Montrose Environmental Group by 175.0% in the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock valued at $27,255,000 after purchasing an additional 934,938 shares during the last quarter. Bank of America Corp DE lifted its stake in Montrose Environmental Group by 42.2% in the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company’s stock valued at $33,743,000 after purchasing an additional 539,779 shares during the last quarter. Millennium Management LLC grew its holdings in Montrose Environmental Group by 52.6% during the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock worth $26,744,000 after purchasing an additional 496,661 shares during the period. Finally, Fred Alger Management LLC raised its stake in Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after buying an additional 470,706 shares during the period. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.