Montrose Environmental Group (NYSE:ONT) Shares Gap Down – Here’s Why

Montrose Environmental Group, Inc. (NYSE:ONT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $17.62, but opened at $16.41. Montrose Environmental Group shares last traded at $16.75, with a volume of 46,526 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price target for the company. in a research report on Thursday, August 6th. Needham & Company LLC lowered their price objective on Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Weiss Ratings downgraded Montrose Environmental Group from a “sell (d)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. lowered their price target on Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $19.50.

Montrose Environmental Group Stock Up 0.9%

The business’s fifty day simple moving average is $19.10 and its 200 day simple moving average is $20.51. The stock has a market cap of $568.24 million, a price-to-earnings ratio of -49.03, a price-to-earnings-growth ratio of 1.81 and a beta of 1.66. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.84.

Montrose Environmental Group (NYSE:ONT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.43. The business had revenue of $186.66 million for the quarter, compared to analyst estimates of $179.69 million. Montrose Environmental Group had a positive return on equity of 4.11% and a negative net margin of 1.44%. Equities analysts forecast that Montrose Environmental Group, Inc. will post 0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Peter Graham acquired 25,140 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the acquisition, the director owned 256,689 shares in the company, valued at $4,412,483.91. This trade represents a 10.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds have recently bought and sold shares of the company. Fisher Asset Management LLC grew its stake in Montrose Environmental Group by 36.7% in the fourth quarter. Fisher Asset Management LLC now owns 352,569 shares of the company’s stock valued at $8,754,000 after acquiring an additional 94,697 shares during the period. Vanguard Group Inc. raised its position in shares of Montrose Environmental Group by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 1,986,620 shares of the company’s stock worth $49,328,000 after purchasing an additional 57,437 shares during the period. Stephens Investment Management Group LLC lifted its holdings in shares of Montrose Environmental Group by 6.6% during the 4th quarter. Stephens Investment Management Group LLC now owns 704,702 shares of the company’s stock valued at $17,498,000 after purchasing an additional 43,774 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Montrose Environmental Group by 5.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after purchasing an additional 66,543 shares in the last quarter. Finally, Summit Creek Advisors LLC grew its position in shares of Montrose Environmental Group by 10.6% in the 4th quarter. Summit Creek Advisors LLC now owns 628,786 shares of the company’s stock valued at $15,613,000 after purchasing an additional 60,237 shares during the period. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Company Profile

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.