Short Interest in Matrix Service (NASDAQ:MTRX) Rises By 24.2%

Matrix Service (NASDAQ:MTRX - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 131,300 shares, an increase of 24.2% from the February 29th total of 105,700 shares. Based on an average daily trading volume, of 211,500 shares, the short-interest ratio is currently 0.6 days. Approximately 0.5% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Matrix Service from a "hold" rating to a "buy" rating in a research note on Saturday, February 17th.

Matrix Service Stock Performance

Shares of MTRX stock traded down $0.06 on Monday, reaching $12.97. 207,706 shares of the company's stock traded hands, compared to its average volume of 226,002. The company has a market capitalization of $354.08 million, a P/E ratio of -18.53 and a beta of 1.23. Matrix Service has a 12-month low of $4.74 and a 12-month high of $13.90. The business's 50 day moving average price is $11.77 and its two-hundred day moving average price is $10.99.

Matrix Service (NASDAQ:MTRX - Get Free Report) last released its earnings results on Wednesday, February 7th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.08). The business had revenue of $175.04 million for the quarter, compared to analysts' expectations of $195.27 million. Matrix Service had a negative net margin of 2.49% and a negative return on equity of 12.50%. Research analysts predict that Matrix Service will post -0.35 earnings per share for the current year.

Insider Transactions at Matrix Service

In related news, CEO John R. Hewitt sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $13.25, for a total value of $132,500.00. Following the sale, the chief executive officer now directly owns 477,891 shares in the company, valued at approximately $6,332,055.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO John R. Hewitt sold 10,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $13.25, for a total value of $132,500.00. Following the completion of the transaction, the chief executive officer now owns 477,891 shares in the company, valued at approximately $6,332,055.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Kevin A. Durkin sold 3,900 shares of the business's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $13.14, for a total transaction of $51,246.00. Following the sale, the vice president now owns 72,231 shares in the company, valued at $949,115.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,800 shares of company stock worth $233,354. Company insiders own 3.70% of the company's stock.

Institutional Trading of Matrix Service

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of Matrix Service by 3.2% during the first quarter. JPMorgan Chase & Co. now owns 586,959 shares of the company's stock worth $4,824,000 after buying an additional 18,170 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Matrix Service by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,387,827 shares of the company's stock valued at $19,627,000 after purchasing an additional 87,158 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Matrix Service in the 1st quarter valued at $208,000. MetLife Investment Management LLC acquired a new stake in Matrix Service in the 1st quarter worth $116,000. Finally, BlackRock Inc. grew its position in Matrix Service by 15.9% in the 1st quarter. BlackRock Inc. now owns 2,423,133 shares of the company's stock worth $19,917,000 after purchasing an additional 332,650 shares during the last quarter. Institutional investors own 78.38% of the company's stock.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. It operates through three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions.

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