Matrix Service Company (NASDAQ:MTRX) Short Interest Update

Key Points

• Short interest jumped 47.6% in March to 699,818 shares (about 2.6% of the float), producing a days-to-cover ratio of 2.9 based on average volume.
• Matrix Service reported an EPS miss (‑$0.02 vs. $0.04 expected), posted negative net margin and ROE, and trades around $11.39 with a market cap of ~$320.4M; analysts' consensus is a "Moderate Buy" with an average price target of $20.50.
• Insider activity and ownership: VP Nancy Austin sold 4,193 shares, insiders hold 4.40% of the stock, while hedge funds and other institutions own about 78.38%.

Matrix Service Company (NASDAQ:MTRX - Get Free Report) saw a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 699,818 shares, an increase of 47.6% from the February 26th total of 474,060 shares. Based on an average trading volume of 245,138 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.6% of the shares of the stock are sold short.

Matrix Service Stock Performance

Matrix Service stock traded up $0.04 during trading on Friday, hitting $11.39. The company's stock had a trading volume of 200,381 shares, compared to its average volume of 412,761. The stock's fifty day moving average is $11.80 and its 200 day moving average is $12.34. Matrix Service has a 1-year low of $9.33 and a 1-year high of $16.10. The stock has a market capitalization of $320.40 million, a price-to-earnings ratio of -16.75, a P/E/G ratio of 2.63 and a beta of 0.97.

Matrix Service (NASDAQ:MTRX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported ($0.02) earnings per share (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 during the quarter, compared to analyst estimates of $215.42 million. On average, research analysts anticipate that Matrix Service will post -0.26 EPS for the current fiscal year.

Insider Activity

In other news, VP Nancy E. Austin sold 4,193 shares of the company's stock in a transaction 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 sale, the vice president directly owned 106,138 shares in the company, valued at $1,198,298.02. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Matrix Service

A number of institutional investors have recently bought and sold shares of the stock. State of Wyoming raised its stake in Matrix Service by 4.2% during the third quarter. State of Wyoming now owns 17,401 shares of the company's stock worth $228,000 after purchasing an additional 696 shares during the period. Sei Investments Co. grew its stake in shares of Matrix Service by 7.2% during the 2nd quarter. Sei Investments Co. now owns 15,170 shares of the company's stock valued at $205,000 after buying an additional 1,025 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Matrix Service by 68.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company's stock valued at $34,000 after buying an additional 1,032 shares during the period. Pacific Ridge Capital Partners LLC increased its holdings in shares of Matrix Service by 4.7% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 37,305 shares of the company's stock worth $436,000 after buying an additional 1,670 shares during the last quarter. Finally, Strs Ohio increased its holdings in shares of Matrix Service by 3.8% during the 4th quarter. Strs Ohio now owns 47,000 shares of the company's stock worth $550,000 after buying an additional 1,700 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MTRX. Northland Securities set a $24.00 target price on shares of Matrix Service in a report on Wednesday, February 11th. 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. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Matrix Service in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $20.50.

Matrix Service Company Profile

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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