Montrose Environmental Group (NYSE:MEG) Shares Gap Down – What’s Next?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.89, but opened at $16.16. Montrose Environmental Group shares last traded at $17.05, with a volume of 46,051 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on MEG. Needham & Company LLC restated a “buy” rating and issued a $39.00 price target on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Stifel Nicolaus reduced their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Finally, Evercore ISI reduced their price target on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Montrose Environmental Group presently has an average rating of “Moderate Buy” and an average price target of $33.60.

Montrose Environmental Group Price Performance

The stock has a market capitalization of $564.38 million, a price-to-earnings ratio of -11.04 and a beta of 1.72. The business’s fifty day moving average price is $20.01 and its 200-day moving average price is $21.92. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Institutional Inflows and Outflows

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

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.