Montrose Environmental Group (NYSE:ONT) Shares Gap Down - Here's What Happened

Key Points

• Montrose Environmental Group shares gapped down from a prior close of $17.62 to open at $16.41, later trading at $16.75 on volume of 46,526 shares.
• Analyst sentiment has weakened: Needham cut its price target to $23 while maintaining a Buy rating, and Bank of America downgraded the stock to Underperform. The consensus rating is “Reduce” with a $19.50 target price.
• Director Peter Graham purchased 25,140 shares for roughly $432,000, while institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report)'s stock price gapped down prior to trading 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.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ONT. Needham & Company LLC decreased their target price on Montrose Environmental Group from $28.00 to $23.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Wall Street Zen downgraded Montrose Environmental Group from a "hold" rating to a "sell" rating in a research note on Monday, August 3rd. Zacks Research raised Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. cut their price objective on Montrose Environmental Group from $24.00 to $22.00 and set a "neutral" rating for the company in a research note on Monday, July 13th. Finally, Bank of America lowered shares of Montrose Environmental Group from a "neutral" rating to an "underperform" rating and set a $18.00 target price for the company. in a report on Thursday, August 6th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Reduce" and a consensus target price of $19.50.

Montrose Environmental Group Stock Performance

The company has a market cap of $572.10 million, a PE ratio of -49.36, a PEG 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. The business's 50 day moving average is $19.12 and its two-hundred day moving average is $20.60.

Insider Activity at Montrose Environmental Group

In other Montrose Environmental Group news, Director Peter Graham acquired 25,140 shares of the stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the transaction, the director directly owned 256,689 shares of the company's stock, valued at approximately $4,412,483.91. The trade was a 10.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 10.40% of the stock is owned by insiders.

Institutional Trading of Montrose Environmental Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its position in Montrose Environmental Group by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company's stock valued at $261,000 after buying an additional 488 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in Montrose Environmental Group by 2.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company's stock worth $497,000 after acquiring an additional 515 shares in the last quarter. CWM LLC increased its position in shares of Montrose Environmental Group by 8.6% during the fourth quarter. CWM LLC now owns 8,324 shares of the company's stock worth $207,000 after acquiring an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Montrose Environmental Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company's stock worth $269,000 after acquiring an additional 780 shares during the period. Finally, Natixis Advisors LLC raised its stake in shares of Montrose Environmental Group by 4.3% during the third quarter. Natixis Advisors LLC now owns 26,962 shares of the company's stock valued at $740,000 after acquiring an additional 1,120 shares in the last quarter. Institutional investors own 87.87% of the company's stock.

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.

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