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

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MEG. Stifel Nicolaus reissued a “buy” rating and set a $51.00 price target (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. 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. Finally, JPMorgan Chase & Co. upped their target price on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, March 1st.

Montrose Environmental Group Stock Performance

The firm 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 50-day moving average of $40.81 and a 200-day moving average of $33.82. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG) last issued its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, topping 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 company had revenue of $165.74 million for the quarter, compared to analysts’ expectations of $157.31 million. On average, equities research analysts forecast that Montrose Environmental Group, Inc. will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Montrose Environmental Group

A number of large investors have recently bought and sold shares of MEG. Benjamin F. Edwards & Company Inc. raised its position in shares of Montrose Environmental Group by 453.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock worth $53,000 after purchasing an additional 1,111 shares during the period. Global Retirement Partners LLC increased its position in Montrose Environmental Group by 182.2% in the fourth quarter. Global Retirement Partners LLC now owns 3,053 shares of the company’s stock worth $98,000 after buying an additional 1,971 shares during the period. Quantbot Technologies LP bought a new stake in Montrose Environmental Group in the third quarter valued at $109,000. Cladis Investment Advisory LLC acquired a new position in shares of Montrose Environmental Group during the fourth quarter valued at $209,000. Finally, Versor Investments LP bought a new position in shares of Montrose Environmental Group during the third quarter worth about $214,000. 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.