Montrose Environmental falls after Jehoshaphat Research takes short position

Onterris

30/09/2024 15:11

** Shares of Montrose Environmental Group  MEG.N  drop
nearly 8% to $24.92
    ** Jehoshaphat Research says short on the environmental
solutions firm
    ** Brokerage says MEG's organic growth appears to be zero or
negative after all the "improper adjustments"
    ** Estimates MEG's adjusted earnings before interest, tax,
depreciation, and amortization is "about 80% inflated"
    ** Notes MEG's "underlying" free cash flow to equity is
negative, and getting more negative over time
    ** Stock down about 18% YTD, including session's moves

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))