Montrose Environmental Group (NYSE:MEG) Trading Down 4.6% - Here's What Happened

Key Points

• Montrose Environmental Group's stock price dropped 4.6% to $29.25, with 72,175 shares traded, marking an 85% decrease in volume compared to its average.
• Analysts from Needham & Company and Wall Street Zen have issued a "buy" rating on MEG, with the average price target set at $32.00.
• The company recently implemented a share repurchase program, authorizing the buyback of $40 million in shares, indicating management believes the stock is undervalued.

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report)'s share price traded down 4.6% during trading on Wednesday . The company traded as low as $29.25 and last traded at $29.25. 72,175 shares were traded during trading, a decline of 85% from the average session volume of 477,383 shares. The stock had previously closed at $30.67.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MEG. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Needham & Company LLC restated a "buy" rating and issued a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Montrose Environmental Group has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Montrose Environmental Group Stock Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of -19.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.84. The company has a 50 day simple moving average of $25.15 and a 200-day simple moving average of $20.17. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in Montrose Environmental Group by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company's stock worth $261,000 after buying an additional 488 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in Montrose Environmental Group by 2.3% during the second quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company's stock worth $497,000 after buying an additional 515 shares in the last quarter. Horrell Capital Management Inc. grew its position in Montrose Environmental Group by 2.2% during the second quarter. Horrell Capital Management Inc. now owns 27,427 shares of the company's stock worth $600,000 after buying an additional 597 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Montrose Environmental Group by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company's stock worth $336,000 after buying an additional 636 shares in the last quarter. Finally, AlphaQuest LLC grew its position in Montrose Environmental Group by 17.4% during the second quarter. AlphaQuest LLC now owns 4,809 shares of the company's stock worth $105,000 after buying an additional 713 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

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.