Montrose Environmental Group (NYSE:MEG) Shares Gap Down to $47.57

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $47.57, but opened at $43.37. Montrose Environmental Group shares last traded at $42.93, with a volume of 92,908 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Stifel Nicolaus restated a "buy" rating and set a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. Needham & Company LLC restated a "buy" rating and set a $54.00 price objective on shares of Montrose Environmental Group in a report on Thursday, April 4th. Finally, JPMorgan Chase & Co. increased their target price on 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 Trading Down 9.1 %

The business's 50-day simple moving average is $40.81 and its two-hundred day simple moving average is $33.82. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -27.37 and a beta of 1.91. 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 announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, topping 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 firm had revenue of $165.74 million during the quarter, compared to analysts' expectations of $157.31 million. On average, research analysts anticipate that Montrose Environmental Group, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds have recently modified their holdings of MEG. Mutual of America Capital Management LLC grew its stake in shares of Montrose Environmental Group by 134.0% during the third quarter. Mutual of America Capital Management LLC now owns 39,904 shares of the company's stock valued at $1,168,000 after acquiring an additional 22,854 shares in the last quarter. Swiss National Bank grew its stake in Montrose Environmental Group by 1.8% during the 3rd quarter. Swiss National Bank now owns 62,900 shares of the company's stock valued at $1,840,000 after purchasing an additional 1,100 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Montrose Environmental Group by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,047 shares of the company's stock valued at $6,263,000 after purchasing an additional 7,140 shares in the last quarter. Van ECK Associates Corp grew its stake in Montrose Environmental Group by 58.6% during the 3rd quarter. Van ECK Associates Corp now owns 86,047 shares of the company's stock valued at $2,518,000 after purchasing an additional 31,788 shares in the last quarter. Finally, Graham Capital Management L.P. grew its stake in Montrose Environmental Group by 118.8% during the 3rd quarter. Graham Capital Management L.P. now owns 10,863 shares of the company's stock valued at $318,000 after purchasing an additional 5,898 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.