Montrose Environmental Group (NYSE:MEG) Shares Gap Down – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $25.58, but opened at $24.77. Montrose Environmental Group shares last traded at $24.8160, with a volume of 3,813 shares traded.

Analysts Set New Price Targets

MEG has been the topic of several research analyst reports. Wall Street Zen raised Montrose Environmental Group from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. Needham & Company LLC lifted their price target on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Zacks Research downgraded shares of Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Finally, Barclays raised their target price on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.50.

Montrose Environmental Group Stock Up 0.5%

The company has a market capitalization of $881.80 million, a PE ratio of -27.42, a P/E/G ratio of 1.48 and a beta of 1.97. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a fifty day simple moving average of $25.66 and a 200-day simple moving average of $25.98.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $224.89 million during the quarter, compared to the consensus estimate of $201.46 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. Equities research analysts anticipate that Montrose Environmental Group, Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Montrose Environmental Group

In other news, CEO Vijay Manthripragada sold 44,984 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $24.07, for a total value of $1,082,764.88. Following the completion of the sale, the chief executive officer owned 316,637 shares of the company’s stock, valued at approximately $7,621,452.59. The trade was a 12.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds have recently bought and sold shares of MEG. Advisory Services Network LLC acquired a new stake in Montrose Environmental Group during the third quarter valued at approximately $32,000. Canada Pension Plan Investment Board grew its position in shares of Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after acquiring an additional 1,600 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after acquiring an additional 1,508 shares during the last quarter. CWM LLC raised its position in shares of Montrose Environmental Group by 1,015.3% during the 2nd quarter. CWM LLC now owns 4,506 shares of the company’s stock valued at $99,000 after acquiring an additional 4,102 shares in the last quarter. Finally, AlphaQuest LLC raised its position in shares of Montrose Environmental Group by 17.4% during the 2nd quarter. AlphaQuest LLC now owns 4,809 shares of the company’s stock valued at $105,000 after acquiring an additional 713 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.