Montrose Environmental Group (NYSE:MEG) Shares Gap Down to $41.95

Shares of Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $41.95, but opened at $40.44. Montrose Environmental Group shares last traded at $37.10, with a volume of 398,638 shares traded.

Analyst Ratings Changes

Several brokerages recently commented on MEG. Needham & Company LLC reaffirmed a "buy" rating and set a $54.00 price target on shares of Montrose Environmental Group in a research report on Thursday, April 4th. Stifel Nicolaus reaffirmed a "buy" rating and set a $51.00 price target (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an "overweight" rating in a research report on Friday, March 1st.

Montrose Environmental Group Stock Down 11.4 %

The firm's 50-day moving average price is $38.07 and its 200-day moving average price is $32.24. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -23.51 and a beta of 2.00. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.59 and a quick ratio of 1.59.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.08. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. The business had revenue of $165.74 million during the quarter, compared to analyst estimates of $157.31 million. Sell-side analysts forecast that Montrose Environmental Group, Inc. will post -0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors bought a new position in shares of Montrose Environmental Group in the 1st quarter worth about $29,000. Stephens Inc. AR increased its stake in Montrose Environmental Group by 494.2% during the 1st quarter. Stephens Inc. AR now owns 1,432 shares of the company's stock valued at $51,000 after buying an additional 1,191 shares during the period. Point72 Hong Kong Ltd acquired a new position in Montrose Environmental Group during the 2nd quarter valued at about $57,000. Counterpoint Mutual Funds LLC acquired a new position in Montrose Environmental Group during the 3rd quarter valued at about $67,000. Finally, Citigroup Inc. grew its stake in shares of Montrose Environmental Group by 22.1% in the 4th quarter. Citigroup Inc. now owns 1,633 shares of the company's stock worth $72,000 after purchasing an additional 296 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

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.