Montrose Environmental Group (NYSE:MEG) Trading Down 7.3% Following Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price fell 7.3% on Tuesday after Evercore ISI lowered their price target on the stock from $40.00 to $33.00. Evercore ISI currently has an outperform rating on the stock. Montrose Environmental Group traded as low as $19.61 and last traded at $19.54. 72,522 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 490,172 shares. The stock had previously closed at $21.09.

A number of other analysts also recently issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Stifel Nicolaus cut their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $33.60.

Institutional Trading of Montrose Environmental Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royce & Associates LP increased its position in shares of Montrose Environmental Group by 43.3% during the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock valued at $9,075,000 after purchasing an additional 104,320 shares during the period. FMR LLC boosted its position in shares of Montrose Environmental Group by 11.1% in the third quarter. FMR LLC now owns 352,264 shares of the company’s stock worth $9,265,000 after buying an additional 35,314 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Montrose Environmental Group during the third quarter worth $6,801,000. Rockefeller Capital Management L.P. raised its holdings in shares of Montrose Environmental Group by 189.3% during the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock worth $1,223,000 after acquiring an additional 30,437 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Montrose Environmental Group by 375.0% during the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock worth $1,410,000 after acquiring an additional 42,297 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Trading Down 9.1 %

The company has a fifty day simple moving average of $19.57 and a two-hundred day simple moving average of $24.17. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The company has a market capitalization of $657.87 million, a P/E ratio of -12.89 and a beta of 1.71.

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.