Montrose Environmental Group (NYSE:MEG) Shares Gap Down to $41.95

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $41.95, but opened at $40.44. Montrose Environmental Group shares last traded at $37.10, with a volume of 398,638 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on MEG. Stifel Nicolaus reissued a “buy” rating and issued a $51.00 price target (up from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a research report on Friday, March 1st.

Montrose Environmental Group Price Performance

The business’s 50-day simple moving average is $37.96 and its 200-day simple moving average is $32.21. The stock has a market cap of $1.14 billion, a PE ratio of -26.58 and a beta of 2.00. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. The firm had revenue of $165.74 million for the quarter, compared to analysts’ expectations of $157.31 million. On average, research analysts expect that Montrose Environmental Group, Inc. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently modified their holdings of MEG. Captrust Financial Advisors purchased a new position in shares of Montrose Environmental Group during the first quarter valued at about $29,000. Stephens Inc. AR increased its position in shares of Montrose Environmental Group by 494.2% during the first quarter. Stephens Inc. AR now owns 1,432 shares of the company’s stock valued at $51,000 after buying an additional 1,191 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Montrose Environmental Group in the second quarter worth about $57,000. Counterpoint Mutual Funds LLC purchased a new stake in Montrose Environmental Group in the third quarter worth about $67,000. Finally, Citigroup Inc. grew its holdings in Montrose Environmental Group by 22.1% in the fourth quarter. Citigroup Inc. now owns 1,633 shares of the company’s stock worth $72,000 after purchasing an additional 296 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.