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

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.89, but opened at $16.16. Montrose Environmental Group shares last traded at $17.05, with a volume of 46,051 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MEG. Needham & Company LLC reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research report on Tuesday, March 4th. Evercore ISI lowered their price target on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, February 10th. Finally, Stifel Nicolaus lowered their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.60.

Montrose Environmental Group Stock Performance

The stock has a 50-day simple moving average of $19.83 and a 200-day simple moving average of $21.68. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $541.54 million, a PE ratio of -10.58 and a beta of 1.72.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new position in shares of Montrose Environmental Group during the fourth quarter worth about $36,000. KBC Group NV lifted its stake in shares of Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after purchasing an additional 1,613 shares in the last quarter. Avanza Fonder AB acquired a new position in shares of Montrose Environmental Group during the fourth quarter worth about $105,000. Point72 DIFC Ltd acquired a new position in shares of Montrose Environmental Group during the third quarter worth about $111,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock worth $118,000 after purchasing an additional 1,898 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.