Montrose Environmental Group (NYSE:MEG) Trading Down 9.2% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 9.2% during trading on Wednesday . The company traded as low as $23.75 and last traded at $24.24. Approximately 610,987 shares were traded during mid-day trading, an increase of 61% from the average daily volume of 379,036 shares. The stock had previously closed at $26.70.

Analyst Upgrades and Downgrades

MEG has been the subject of a number of research analyst reports. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $52.00 to $29.00 in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of Montrose Environmental Group in a research report on Wednesday, October 16th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.83.

Montrose Environmental Group Stock Down 8.7 %

The business’s 50-day moving average price is $27.03 and its 200-day moving average price is $35.74. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.15). Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. The business had revenue of $173.33 million for the quarter, compared to the consensus estimate of $174.59 million. On average, sell-side analysts forecast that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds have recently modified their holdings of the business. Driehaus Capital Management LLC boosted its holdings in Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares during the period. Bank of New York Mellon Corp boosted its holdings in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock worth $16,844,000 after buying an additional 276,166 shares during the period. Victory Capital Management Inc. bought a new position in Montrose Environmental Group in the 2nd quarter worth $10,666,000. Fred Alger Management LLC boosted its holdings in Montrose Environmental Group by 17.6% in the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after buying an additional 208,785 shares during the period. Finally, Blair William & Co. IL boosted its holdings in Montrose Environmental Group by 30.4% in the 1st quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock worth $28,685,000 after buying an additional 170,924 shares during the period. Institutional investors 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.