Needham & Company LLC Has Lowered Expectations for Montrose Environmental Group (NYSE:MEG) Stock Price

Montrose Environmental Group (NYSE:MEG) had its price target reduced by Needham & Company LLC from $39.00 to $28.00 in a research report released on Friday, Marketbeat.com reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on the company. Evercore ISI decreased their target price on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, February 10th. Stifel Nicolaus decreased their price objective on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Montrose Environmental Group presently has an average rating of “Moderate Buy” and an average target price of $31.40.

Montrose Environmental Group Trading Down 2.8 %

NYSE:MEG opened at $11.86 on Friday. Montrose Environmental Group has a 12 month low of $11.39 and a 12 month high of $49.97. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $410.94 million, a price-to-earnings ratio of -7.96 and a beta of 1.81. The firm has a fifty day simple moving average of $17.75 and a two-hundred day simple moving average of $20.42.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Montrose Environmental Group in the fourth quarter worth approximately $36,000. KBC Group NV grew its holdings in Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares in the last quarter. Avanza Fonder AB purchased a new stake in Montrose Environmental Group in the 4th quarter valued at $105,000. Point72 DIFC Ltd bought a new position in Montrose Environmental Group during the 3rd quarter valued at $111,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Montrose Environmental Group by 42.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock worth $118,000 after acquiring an additional 1,898 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.