Matrix Service Company (NASDAQ:MTRX) Sees Significant Decrease in Short Interest

Key Points

• Short interest fell 33.6% in March to 464,850 shares (about 1.7% of shares outstanding) with a days-to-cover ratio of 0.9, signaling reduced short positioning in MTRX.
• Shares traded at $12.15 with a market cap of ~$341.8M; Matrix reported an EPS loss of ($0.02) last quarter, missing estimates and showing negative ROE and net margin, while analysts' consensus is a Moderate Buy with a $20.50 target.
• Insider activity included a VP sale of 4,193 shares in February; insiders own 4.40% of the stock and institutional investors hold about 78.38%.

Matrix Service Company (NASDAQ:MTRX - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 464,850 shares, a decline of 33.6% from the March 15th total of 699,818 shares. Based on an average daily volume of 509,946 shares, the days-to-cover ratio is currently 0.9 days. Approximately 1.7% of the shares of the company are sold short.

Matrix Service Stock Down 0.2%

Shares of MTRX stock traded down $0.03 during trading hours on Tuesday, reaching $12.15. 144,341 shares of the company's stock were exchanged, compared to its average volume of 346,724. Matrix Service has a fifty-two week low of $9.88 and a fifty-two week high of $16.10. The stock has a market capitalization of $341.78 million, a P/E ratio of -17.87, a P/E/G ratio of 2.82 and a beta of 0.94. The business has a fifty day moving average price of $11.26 and a 200-day moving average price of $12.23.

Matrix Service (NASDAQ:MTRX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.06). Matrix Service had a negative return on equity of 8.56% and a negative net margin of 2.30%.The business had revenue of $210.51 million for the quarter, compared to analyst estimates of $215.42 million. As a group, research analysts expect that Matrix Service will post -0.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Matrix Service in a report on Thursday, January 22nd. Northland Securities set a $24.00 price target on Matrix Service in a report on Wednesday, February 11th. Finally, DA Davidson reiterated a "buy" rating and set a $17.00 price target on shares of Matrix Service in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $20.50.

Insiders Place Their Bets

In related news, VP Nancy E. Austin sold 4,193 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $11.29, for a total value of $47,338.97. Following the completion of the sale, the vice president directly owned 106,138 shares in the company, valued at approximately $1,198,298.02. The trade was a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quarry LP acquired a new position in Matrix Service during the third quarter worth $28,000. BNP Paribas Financial Markets raised its stake in Matrix Service by 68.9% during the second quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company's stock worth $34,000 after acquiring an additional 1,032 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Matrix Service by 133.9% during the second quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company's stock worth $45,000 after acquiring an additional 1,893 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in Matrix Service during the third quarter worth $67,000. Finally, Daytona Street Capital LLC acquired a new position in Matrix Service during the fourth quarter worth $78,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

About Matrix Service

Matrix Service Company NASDAQ: MTRX is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company's service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.

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