Montrose Environmental Group (NYSE:MEG) Shares Down 7.1% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price traded down 7.1% during mid-day trading on Friday . The stock traded as low as $21.26 and last traded at $21.49. 50,675 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 466,804 shares. The stock had previously closed at $23.13.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MEG shares. Evercore ISI cut their price objective 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. Stifel Nicolaus decreased their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Needham & Company LLC reiterated a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Montrose Environmental Group presently has a consensus rating of “Moderate Buy” and an average price target of $33.60.

Montrose Environmental Group Stock Performance

The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market cap of $668.35 million, a P/E ratio of -13.08 and a beta of 1.71. The firm’s 50-day moving average is $19.98 and its two-hundred day moving average is $23.20.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Montrose Environmental Group by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company’s stock worth $336,000 after purchasing an additional 636 shares during the period. Envestnet Asset Management Inc. grew its stake in Montrose Environmental Group by 1.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company’s stock valued at $1,686,000 after buying an additional 1,108 shares during the last quarter. Wrapmanager Inc. raised its holdings in Montrose Environmental Group by 12.8% in the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock worth $187,000 after acquiring an additional 1,150 shares during the period. Walleye Capital LLC lifted its position in Montrose Environmental Group by 2.3% during the 4th quarter. Walleye Capital LLC now owns 52,101 shares of the company’s stock worth $966,000 after acquiring an additional 1,173 shares during the last quarter. Finally, Natixis Advisors LLC grew its position in shares of Montrose Environmental Group by 6.9% in the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after purchasing an additional 1,351 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.