Perimeter Solutions (NYSE:PRM) Upgraded at Wall Street Zen

Key Points

• Perimeter Solutions was upgraded by Wall Street Zen from hold to buy, adding to a generally positive analyst backdrop. The stock now carries a consensus rating of Moderate Buy with an average target price of $34.50.
• The company recently reported better-than-expected earnings, posting $0.06 EPS versus estimates of $0.02 and revenue of $125.07 million versus forecasts of $121.80 million. Shares opened at $31.90, near their 52-week high of $32.02.
• Institutional interest remains strong, with 89.93% of the stock held by institutions and hedge funds. Insider selling has also occurred, including a director sale of 100,000 shares in March.

Perimeter Solutions (NYSE:PRM - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

A number of other equities research analysts have also issued reports on the stock. Zacks Research upgraded shares of Perimeter Solutions from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. UBS Group increased their target price on shares of Perimeter Solutions from $30.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Weiss Ratings lowered shares of Perimeter Solutions from a "hold (c-)" rating to a "sell (d-)" rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $34.50.

Perimeter Solutions Stock Performance

Shares of PRM stock opened at $31.90 on Friday. The firm's 50 day moving average price is $25.37 and its 200-day moving average price is $26.20. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.42 and a current ratio of 3.22. Perimeter Solutions has a one year low of $11.49 and a one year high of $32.02. The firm has a market cap of $5.20 billion, a P/E ratio of -23.80 and a beta of 1.93.

Perimeter Solutions (NYSE:PRM - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.04. The company had revenue of $125.07 million for the quarter, compared to analyst estimates of $121.80 million. Perimeter Solutions had a negative net margin of 26.93% and a positive return on equity of 18.55%. As a group, equities research analysts predict that Perimeter Solutions will post 1.47 EPS for the current year.

Insider Buying and Selling at Perimeter Solutions

In other news, Director William N. Thorndike, Jr. sold 100,000 shares of the firm's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $23.63, for a total value of $2,363,000.00. Following the sale, the director directly owned 8,635,656 shares in the company, valued at approximately $204,060,551.28. This trade represents a 1.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 450,000 shares of company stock valued at $10,722,750. 13.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Perimeter Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of PRM. Comerica Bank raised its holdings in shares of Perimeter Solutions by 45.0% in the 1st quarter. Comerica Bank now owns 4,267 shares of the company's stock valued at $43,000 after purchasing an additional 1,324 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Perimeter Solutions by 100.0% in the 1st quarter. Royal Bank of Canada now owns 80,608 shares of the company's stock valued at $812,000 after purchasing an additional 40,294 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Perimeter Solutions by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,546 shares of the company's stock valued at $801,000 after purchasing an additional 3,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Perimeter Solutions by 4.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 328,188 shares of the company's stock valued at $3,305,000 after purchasing an additional 14,949 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Perimeter Solutions in the 2nd quarter valued at $2,128,000. 89.93% of the stock is currently owned by institutional investors and hedge funds.

About Perimeter Solutions

Perimeter Solutions Ltd. NYSE: PRM is a global specialty chemicals company focused on delivering performance-driven solutions for the oil and gas, coatings, plastics, water treatment and packaging markets. Established as an independent publicly traded company in December 2019 following its spin-off from NewMarket Corporation, Perimeter Solutions has positioned itself as a leading provider of highly engineered chemical products designed to optimize upstream oil recovery, protect infrastructure and enhance the performance of industrial processes.

The company's core product portfolio spans several key segments.

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