Perimeter Solutions (NYSE:PRM) Trading 5.6% Higher Following Analyst Upgrade

Key Points

• Perimeter Solutions stock rose by 5.6% after Morgan Stanley raised its price target from $17.00 to $25.00, while maintaining an overweight rating.
• The company recently reported $162.64 million in revenue for the quarter, significantly exceeding market estimates of $108.91 million.
• Insider ownership remains strong, with major shareholder Windacre Partnership increasing their stake by acquiring 254,600 shares valued at over $3.5 million.

Perimeter Solutions, SA (NYSE:PRM - Get Free Report) was up 5.6% during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $17.00 to $25.00. Morgan Stanley currently has an overweight rating on the stock. Perimeter Solutions traded as high as $20.72 and last traded at $20.56. Approximately 731,145 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 1,145,143 shares. The stock had previously closed at $19.48.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded Perimeter Solutions from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. UBS Group boosted their price target on shares of Perimeter Solutions from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Perimeter Solutions currently has a consensus rating of "Buy" and an average price target of $22.50.

Insider Activity at Perimeter Solutions

In other news, major shareholder Windacre Partnership Master Fu purchased 254,600 shares of the stock in a transaction dated Friday, June 27th. The stock was acquired at an average cost of $13.98 per share, for a total transaction of $3,559,308.00. Following the completion of the acquisition, the insider directly owned 21,854,600 shares in the company, valued at $305,527,308. This represents a 1.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Perimeter Solutions

A number of large investors have recently bought and sold shares of the stock. New York State Teachers Retirement System purchased a new stake in shares of Perimeter Solutions during the 1st quarter worth about $123,000. Teacher Retirement System of Texas grew its stake in Perimeter Solutions by 21.0% during the first quarter. Teacher Retirement System of Texas now owns 249,091 shares of the company's stock worth $2,508,000 after buying an additional 43,247 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Perimeter Solutions during the first quarter worth approximately $3,479,000. SG Americas Securities LLC increased its position in shares of Perimeter Solutions by 59.7% in the first quarter. SG Americas Securities LLC now owns 93,811 shares of the company's stock worth $945,000 after acquiring an additional 35,078 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Perimeter Solutions by 15.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 54,573 shares of the company's stock valued at $550,000 after acquiring an additional 7,347 shares during the period. Hedge funds and other institutional investors own 89.93% of the company's stock.

Perimeter Solutions Price Performance

The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 47.87 and a beta of 1.96. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.60 and a current ratio of 4.04. The company's fifty day moving average is $16.11 and its two-hundred day moving average is $12.62.

Perimeter Solutions (NYSE:PRM - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.11. The company had revenue of $162.64 million during the quarter, compared to the consensus estimate of $108.91 million. Perimeter Solutions had a net margin of 13.05% and a negative return on equity of 1.11%. Equities research analysts forecast that Perimeter Solutions, SA will post 0.71 EPS for the current year.

About Perimeter Solutions

Perimeter Solutions, SA manufactures and supplies firefighting products and lubricant additives in the United States, Germany, and internationally. It operates in two segments, Fire Safety and Specialty Products. The Fire Safety segment provides fire retardants and firefighting foams, as well as specialized equipment and services for federal, state, provincial, local/municipal, and commercial customers.

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