Montrose Environmental Group (NYSE:MEG) Stock Price Down 6.3% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG) was down 6.3% during trading on Thursday . The stock traded as low as $16.72 and last traded at $16.46. Approximately 46,247 shares were traded during trading, a decline of 91% from the average daily volume of 492,893 shares. The stock had previously closed at $17.56.

Analyst Ratings Changes

A number of brokerages have issued reports on MEG. Needham & Company LLC restated a “buy” rating and set a $39.00 price target on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Stifel Nicolaus dropped their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Finally, Evercore ISI reduced their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.60.

Montrose Environmental Group Stock Performance

The firm has a market cap of $578.49 million, a price-to-earnings ratio of -11.29 and a beta of 1.72. The firm’s fifty day moving average price is $20.09 and its 200-day moving average price is $22.22. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of MEG. Chartwell Investment Partners LLC increased its stake in Montrose Environmental Group by 33.5% in the third quarter. Chartwell Investment Partners LLC now owns 23,351 shares of the company’s stock valued at $614,000 after purchasing an additional 5,861 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Montrose Environmental Group during the 3rd quarter valued at approximately $689,000. Oppenheimer Asset Management Inc. grew its holdings in Montrose Environmental Group by 39.3% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 30,328 shares of the company’s stock worth $798,000 after acquiring an additional 8,562 shares in the last quarter. Royce & Associates LP lifted its holdings in Montrose Environmental Group by 43.3% during the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after buying an additional 104,320 shares during the last quarter. Finally, Natixis Advisors LLC boosted its holdings in Montrose Environmental Group by 6.9% in the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock worth $549,000 after purchasing an additional 1,351 shares during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

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.