Montrose Environmental Group (NYSE:MEG) Shares Down 4.8% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price was down 4.8% during mid-day trading on Wednesday . The stock traded as low as $19.92 and last traded at $19.95. Approximately 179,160 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 360,304 shares. The stock had previously closed at $20.95.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MEG shares. Evercore ISI started coverage on shares of Montrose Environmental Group in a report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 3rd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Price Performance

The firm’s fifty day moving average price is $29.44 and its 200 day moving average price is $38.00. The stock has a market cap of $693.55 million, a PE ratio of -13.75 and a beta of 1.87. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.46.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.15). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The firm had revenue of $173.33 million during the quarter, compared to the consensus estimate of $174.59 million. As a group, equities analysts expect that Montrose Environmental Group, Inc. will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

Large investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. purchased a new position in shares of Montrose Environmental Group during the 2nd quarter valued at approximately $1,095,000. Ghisallo Capital Management LLC acquired a new stake in Montrose Environmental Group in the second quarter valued at approximately $3,119,000. Moody National Bank Trust Division purchased a new stake in shares of Montrose Environmental Group in the second quarter valued at approximately $1,159,000. Lord Abbett & CO. LLC acquired a new position in shares of Montrose Environmental Group during the 1st quarter worth approximately $1,461,000. Finally, Driehaus Capital Management LLC lifted its position in shares of Montrose Environmental Group by 253.0% during 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.

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.