Montrose Environmental Group (NYSE:MEG) Hits New 52-Week Low on Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price hit a new 52-week low on Wednesday after Stifel Nicolaus lowered their price target on the stock from $41.00 to $38.00. Stifel Nicolaus currently has a buy rating on the stock. Montrose Environmental Group traded as low as $16.04 and last traded at $16.43, with a volume of 57412 shares traded. The stock had previously closed at $16.47.

Several other research analysts have also weighed in on the company. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC lowered their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

Institutional Trading of Montrose Environmental Group

Hedge funds have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. raised its stake in shares of Montrose Environmental Group by 43.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after acquiring an additional 586 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Montrose Environmental Group in the third quarter valued at $111,000. Los Angeles Capital Management LLC acquired a new stake in Montrose Environmental Group in the second quarter valued at $204,000. Mesirow Financial Investment Management Inc. acquired a new stake in Montrose Environmental Group in the second quarter valued at $310,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Montrose Environmental Group in the third quarter valued at $212,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Stock 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 company has a market capitalization of $535.42 million, a price-to-earnings ratio of -10.48 and a beta of 1.72. The stock has a 50 day simple moving average of $21.91 and a two-hundred day simple moving average of $31.08.

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.