Montrose Environmental Group (NYSE:MEG) Shares Gap Down to $47.57

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $47.57, but opened at $43.37. Montrose Environmental Group shares last traded at $42.93, with a volume of 92,908 shares changing hands.

Analyst Ratings Changes

MEG has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $51.00 price target (up from $48.00) on shares of Montrose Environmental Group in a report on Wednesday, April 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a report on Thursday, April 4th.

Montrose Environmental Group Price Performance

The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -30.11 and a beta of 1.91. 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 company has a 50 day moving average price of $40.81 and a 200 day moving average price of $33.82.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.08. Montrose Environmental Group had a negative return on equity of 5.64% and a negative net margin of 4.94%. The firm had revenue of $165.74 million during the quarter, compared to analyst estimates of $157.31 million. As a group, equities research analysts forecast that Montrose Environmental Group, Inc. will post -0.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MEG. Emerald Mutual Fund Advisers Trust increased its holdings in Montrose Environmental Group by 51.4% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 635,695 shares of the company’s stock valued at $18,600,000 after purchasing an additional 215,883 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Montrose Environmental Group in the 3rd quarter valued at approximately $598,000. Versor Investments LP bought a new position in Montrose Environmental Group during the 3rd quarter worth approximately $214,000. Jump Financial LLC acquired a new position in Montrose Environmental Group during the third quarter valued at approximately $280,000. Finally, Quantbot Technologies LP bought a new stake in Montrose Environmental Group in the third quarter valued at approximately $109,000. Institutional investors and hedge funds 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.