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.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MEG. JPMorgan Chase & Co. upped their target price on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a report on Wednesday, April 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of Montrose Environmental Group in a report on Thursday, April 4th.

Montrose Environmental Group Stock Performance

The firm’s 50 day simple moving average is $38.25 and its 200 day simple moving average is $32.31. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.23 billion, a PE ratio of -25.44 and a beta of 2.00.

Montrose Environmental Group (NYSE:MEG) last announced its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.08. The firm had revenue of $165.74 million for the quarter, compared to analysts’ expectations of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. On average, research analysts forecast 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 have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. grew its stake in Montrose Environmental Group by 13.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,305 shares of the company’s stock worth $97,000 after acquiring an additional 281 shares in the last quarter. Citigroup Inc. grew its stake in Montrose Environmental Group by 22.1% in the 4th quarter. Citigroup Inc. now owns 1,633 shares of the company’s stock worth $72,000 after acquiring an additional 296 shares in the last quarter. MetLife Investment Management LLC grew its stake in Montrose Environmental Group by 2.5% in the 4th quarter. MetLife Investment Management LLC now owns 14,169 shares of the company’s stock worth $629,000 after acquiring an additional 340 shares in the last quarter. Sei Investments Co. grew its stake in Montrose Environmental Group by 4.1% in the 2nd quarter. Sei Investments Co. now owns 11,393 shares of the company’s stock worth $385,000 after acquiring an additional 452 shares in the last quarter. Finally, Stephens Inc. AR grew its stake in Montrose Environmental Group by 33.6% in the 2nd quarter. Stephens Inc. AR now owns 1,913 shares of the company’s stock worth $81,000 after acquiring an additional 481 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors.

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.