Montrose Environmental Group (NYSE:MEG) Stock Price Down 7.3% After Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price traded down 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 were traded 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.

MEG has been the subject of several other reports. Needham & Company LLC reissued a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a research note on Tuesday, January 28th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Stifel Nicolaus reduced their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. 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 research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Montrose Environmental Group has an average rating of “Moderate Buy” and an average target price of $33.60.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Summit Creek Advisors LLC raised its holdings in Montrose Environmental Group by 49.4% in the fourth quarter. Summit Creek Advisors LLC now owns 577,674 shares of the company’s stock worth $10,716,000 after buying an additional 190,992 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Montrose Environmental Group by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock valued at $33,437,000 after acquiring an additional 11,211 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Montrose Environmental Group in the fourth quarter worth approximately $130,000. Quantbot Technologies LP bought a new stake in shares of Montrose Environmental Group in the fourth quarter worth $384,000. Finally, William Blair Investment Management LLC increased its position in shares of Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock valued at $27,255,000 after purchasing an additional 934,938 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Stock Down 9.5 %

The company’s 50-day simple moving average is $19.58 and its two-hundred day simple moving average is $24.08. The firm has a market capitalization of $654.44 million, a P/E ratio of -12.81 and a beta of 1.71. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

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.