Montrose Environmental Group (NYSE:MEG) Stock Price Declines by 9.6% - Should Investors Consider Selling?

Montrose Environmental Group, Inc. (NYSE:MEG) faced a notable decrease of 9.6% in its stock price during mid-day trading on Thursday. The stock reached a low of $17.93 and ended at $17.99. Trading volume was around 262,290 shares, marking a significant drop of 46% compared to the average daily volume of 486,327 shares. The previous closing price was $19.90.

Expert Opinions on Montrose Environmental Group

Multiple analysts have provided their insights on Montrose Environmental Group lately. Notably, Needham & Company LLC maintained a "buy" rating, setting a price target of $39.00 for the company's shares in a report released on Tuesday. Conversely, JPMorgan Chase & Co. reviewed their stance to a "neutral" rating with a decreased target price of $29.00, down from $48.00, in a report published on November 8. Additionally, Evercore ISI reduced their price target from $40.00 to $33.00 while retaining an "outperform" rating in their February report. Stifel Nicolaus also lowered their price objective from $41.00 to $38.00, keeping a "buy" rating for the stock. Bank of America downgraded the stock from a "buy" to a "neutral" rating, slashing their price target from $52.00 to $29.00 in a note on November 6. Overall, two analysts have given the stock a hold rating, and three have rated it as a buy. As per MarketBeat, the summary among analysts indicates a consensus rating of "Moderate Buy" and an average price target of $33.60.

Current Stock Statistics

The fifty-day moving average for Montrose Environmental Group is $20.18, while the 200-day moving average stands at $22.76. The company boasts a market capitalization of $615.70 million, with a P/E ratio of -12.05 and a beta value of 1.71. Financial metrics include a debt-to-equity ratio of 0.60, with both a quick ratio and current ratio of 1.93.

Institutional Investor Activity

Several institutional investors have recently adjusted their positions in Montrose Environmental Group. Notably, Van ECK Associates Corp increased their stake by 61.8% during the third quarter, now holding 102,303 shares valued at $2,757,000 after acquiring an additional 39,079 shares. Radnor Capital Management LLC made a new investment in the company worth about $801,000 during the same period. Another firm, Privium Fund Management B.V., entered into a new position valued at approximately $350,000. Furthermore, Chartwell Investment Partners LLC raised their holdings by 33.5%, now owning 23,351 shares worth $614,000 after acquiring 5,861 additional shares. Finally, GSA Capital Partners LLP purchased a new stake valued around $689,000. Now, institutional investors and hedge funds collectively own 87.87% of the company's stock.

Overview of Montrose Environmental Group

Montrose Environmental Group, Inc. functions as an environmental services organization operating in the United States, Canada, and across international markets. The company is structured into three main segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The first segment delivers scientific advisory and consulting services to facilitate environmental assessments, emergency response, toxicology consulting, and environmental audits for ongoing operations, facility upgrades, new projects, as well as decommissioning and development projects.

Insights for Potential Investors

Considering the market's current stance on Montrose Environmental Group, potential investors may want to reassess their positions. Analysts are favoring other stocks over Montrose Environmental Group right now, despite its somewhat favorable rating. Those who are contemplating an investment of $1,000 in Montrose might want to compare it against these more highly-rated alternatives before making a decision.

Montrose, Stock, Trading