Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.7% – What’s Next?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) were down 4.7% during trading on Monday . The company traded as low as $23.81 and last traded at $23.74. Approximately 130,779 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 386,698 shares. The stock had previously closed at $24.91.

Analysts Set New Price Targets

A number of analysts have weighed in on MEG shares. Wall Street Zen lowered shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Needham & Company LLC increased their price target on Montrose Environmental Group from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Montrose Environmental Group has a consensus rating of “Hold” and a consensus price target of $34.67.

Montrose Environmental Group Stock Performance

The company’s 50-day simple moving average is $24.29 and its 200-day simple moving average is $26.11. The stock has a market capitalization of $846.54 million, a price-to-earnings ratio of -98.03, a PEG ratio of 1.82 and a beta of 1.91. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.68.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. The company had revenue of $193.27 million for the quarter, compared to analyst estimates of $186.24 million. Montrose Environmental Group had a negative net margin of 0.10% and a positive return on equity of 4.47%. Montrose Environmental Group’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.90) earnings per share. On average, analysts expect that Montrose Environmental Group, Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling at Montrose Environmental Group

In other Montrose Environmental Group news, insider Jose Revuelta sold 7,858 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $27.00, for a total transaction of $212,166.00. Following the completion of the sale, the insider owned 269,282 shares of the company’s stock, valued at approximately $7,270,614. This represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director J Thomas Presby sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $28.87, for a total transaction of $288,700.00. Following the transaction, the director owned 62,614 shares of the company’s stock, valued at approximately $1,807,666.18. The trade was a 13.77% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 61,406 shares of company stock worth $1,736,649. Insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of MEG. Advisory Services Network LLC bought a new stake in Montrose Environmental Group during the third quarter valued at $32,000. Canada Pension Plan Investment Board lifted its stake in shares of Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after purchasing an additional 1,600 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Montrose Environmental Group during the 4th quarter valued at about $75,000. Tower Research Capital LLC TRC grew its stake in Montrose Environmental Group by 95.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock worth $68,000 after purchasing an additional 1,508 shares during the period. Finally, Assetmark Inc. acquired a new stake in Montrose Environmental Group during the fourth quarter worth approximately $84,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.