Montrose Environmental Group (NYSE:MEG) Shares Gap Down – Should You Sell?

Montrose Environmental Group, Inc. (NYSE:MEG) gapped down before the market opened on Friday . The stock had previously closed at $25.58, but opened at $24.77. Montrose Environmental Group shares last traded at $24.8160, with a volume of 3,813 shares.

Analysts Set New Price Targets

Several research analysts recently weighed in on MEG shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on shares of Montrose Environmental Group from $26.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Wall Street Zen downgraded shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 22nd. Zacks Research cut shares of Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Finally, Needham & Company LLC upped their price target on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $33.50.

Montrose Environmental Group Trading Down 2.1%

The company has a market cap of $859.29 million, a price-to-earnings ratio of -26.95, a price-to-earnings-growth ratio of 2.47 and a beta of 1.97. The company’s 50 day moving average price is $25.75 and its 200 day moving average price is $25.95. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.66 and a current ratio of 1.66.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $224.89 million during the quarter, compared to analysts’ expectations of $201.46 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. Research analysts anticipate that Montrose Environmental Group, Inc. will post 0.13 EPS for the current year.

Insider Activity at Montrose Environmental Group

In other news, CEO Vijay Manthripragada sold 44,984 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $24.07, for a total transaction of $1,082,764.88. Following the transaction, the chief executive officer owned 316,637 shares of the company’s stock, valued at approximately $7,621,452.59. This represents a 12.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Advisory Services Network LLC bought a new position in shares of Montrose Environmental Group in the third quarter valued at approximately $32,000. Canada Pension Plan Investment Board boosted its holdings in shares of Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after buying an additional 1,600 shares during the period. AlphaQuest LLC grew its stake in Montrose Environmental Group by 569.3% in the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company’s stock valued at $58,000 after buying an additional 3,484 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock worth $68,000 after acquiring an additional 1,508 shares during the period. Finally, CWM LLC lifted its position in Montrose Environmental Group by 1,015.3% during the 2nd quarter. CWM LLC now owns 4,506 shares of the company’s stock worth $99,000 after acquiring an additional 4,102 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

About Montrose Environmental Group

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.