Montrose Environmental Group (NYSE:MEG) Reaches New 52-Week Low – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG) reached a new 52-week low on Thursday . The stock traded as low as $14.90 and last traded at $15.42, with a volume of 605437 shares changing hands. The stock had previously closed at $15.76.

Wall Street Analyst Weigh In

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

Montrose Environmental Group Price Performance

The stock has a market cap of $529.35 million, a PE ratio of -10.35 and a beta of 1.72. The firm’s fifty day moving average price is $19.72 and its 200 day moving average price is $21.64. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Trading of Montrose Environmental Group

Several hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of Montrose Environmental Group during the fourth quarter valued at about $36,000. KBC Group NV lifted its position in shares of Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares in the last quarter. Avanza Fonder AB bought a new position in Montrose Environmental Group during the fourth quarter valued at approximately $105,000. Point72 DIFC Ltd purchased a new position in Montrose Environmental Group during the 3rd quarter valued at approximately $111,000. Finally, PNC Financial Services Group Inc. increased its stake in Montrose Environmental Group by 42.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock worth $118,000 after acquiring an additional 1,898 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.