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

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price dropped 7.1% during trading on Thursday . The company traded as low as $15.44 and last traded at $15.44. 41,933 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 534,409 shares. The stock had previously closed at $16.62.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ONT. Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price objective on the stock. in a research report on Thursday, August 6th. Zacks Research raised shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. dropped their price target on shares of Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Monday, July 13th. Wall Street Zen downgraded shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Finally, Needham & Company LLC reduced their price objective on shares of Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, August 7th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $19.50.

Montrose Environmental Group Price Performance

The stock has a 50 day moving average of $19.09 and a two-hundred day moving average of $20.47. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.00 and a current ratio of 2.00. The firm has a market capitalization of $539.44 million, a P/E ratio of -46.54, a P/E/G ratio of 1.65 and a beta of 1.66.

Montrose Environmental Group (NYSE:ONT) last announced its earnings results on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.43. Montrose Environmental Group had a positive return on equity of 4.11% and a negative net margin of 1.44%.The firm had revenue of $186.66 million during the quarter, compared to analysts’ expectations of $179.69 million. Sell-side analysts predict that Montrose Environmental Group, Inc. will post 0.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Montrose Environmental Group

In other news, Director Peter Graham acquired 25,140 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average cost of $17.19 per share, with a total value of $432,156.60. Following the acquisition, the director owned 256,689 shares in the company, valued at approximately $4,412,483.91. This represents a 10.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. lifted its position in Montrose Environmental Group by 3,733.3% during the 1st quarter. Hillsdale Investment Management Inc. now owns 11,500 shares of the company’s stock worth $252,000 after acquiring an additional 11,200 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Montrose Environmental Group by 5.2% in the first quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock worth $29,470,000 after purchasing an additional 66,543 shares during the period. Fifth Third Bancorp bought a new position in shares of Montrose Environmental Group in the first quarter worth about $201,000. Hsbc Holdings PLC lifted its position in shares of Montrose Environmental Group by 41.9% during the 1st quarter. Hsbc Holdings PLC now owns 15,228 shares of the company’s stock worth $328,000 after purchasing an additional 4,493 shares during the last quarter. Finally, Conestoga Capital Advisors LLC lifted its position in shares of Montrose Environmental Group by 16.8% during the 1st quarter. Conestoga Capital Advisors LLC now owns 83,515 shares of the company’s stock worth $1,828,000 after purchasing an additional 12,040 shares during the last quarter. Institutional investors own 87.87% of the company’s stock.

About Montrose Environmental Group

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.