Montrose Environmental Group (NYSE:MEG) Stock Price Down 3.6% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price dropped 3.6% on Friday . The company traded as low as $18.07 and last traded at $18.14. Approximately 144,182 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 408,346 shares. The stock had previously closed at $18.82.

Analysts Set New Price Targets

Several research firms recently weighed in on MEG. Bank of America cut 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 research note on Wednesday, November 6th. Needham & Company LLC cut their target price on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Montrose Environmental Group has a consensus rating of “Moderate Buy” and a consensus price target of $39.20.

Montrose Environmental Group Price Performance

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 firm has a market capitalization of $611.59 million, a price-to-earnings ratio of -12.68 and a beta of 1.86. The company’s 50-day moving average is $24.64 and its 200-day moving average is $34.00.

Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds have recently made changes to their positions in the business. Fred Alger Management LLC grew its position in Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after acquiring an additional 470,706 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Montrose Environmental Group by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock worth $60,502,000 after buying an additional 9,913 shares during the last quarter. Federated Hermes Inc. boosted its stake in Montrose Environmental Group by 11.4% during the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after acquiring an additional 130,000 shares during the last quarter. Bamco Inc. NY increased its position in shares of Montrose Environmental Group by 7.4% in the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares during the last quarter. Finally, Driehaus Capital Management LLC grew its position 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 valued at $51,210,000 after buying an additional 823,636 shares in the last quarter. Hedge funds and other 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.