Montrose Environmental Group (NYSE:ONT) Shares Gap Down – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:ONT) shares gapped down before the market opened on Monday . The stock had previously closed at $17.62, but opened at $16.41. Montrose Environmental Group shares last traded at $16.75, with a volume of 46,526 shares.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ONT. Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Needham & Company LLC cut their price target on Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. JPMorgan Chase & Co. cut their price target on Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Monday, July 13th. Barclays restated an “equal weight” rating and issued a $15.00 price objective (down from $19.00) on shares of Montrose Environmental Group in a report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $19.50.

Montrose Environmental Group Trading Down 7.5%

The company has a market capitalization of $572.10 million, a PE ratio of -49.36, a price-to-earnings-growth ratio of 1.81 and a beta of 1.66. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.00 and a quick ratio of 2.00. The company’s fifty day moving average is $19.12 and its 200-day moving average is $20.60.

Insider Transactions at Montrose Environmental Group

In related news, Director Peter Graham purchased 25,140 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the acquisition, the director owned 256,689 shares of the company’s stock, valued at $4,412,483.91. The trade was a 10.86% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ONT. Bamco Inc. NY grew its stake in Montrose Environmental Group by 2.5% in the second quarter. Bamco Inc. NY now owns 2,764,395 shares of the company’s stock valued at $60,513,000 after purchasing an additional 68,713 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Montrose Environmental Group by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 1,986,620 shares of the company’s stock valued at $49,328,000 after buying an additional 57,437 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Montrose Environmental Group by 128.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company’s stock valued at $43,030,000 after buying an additional 975,770 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Montrose Environmental Group by 14.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,457,574 shares of the company’s stock valued at $36,192,000 after buying an additional 179,855 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Montrose Environmental Group by 5.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after buying an additional 66,543 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

About Montrose Environmental Group

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.