Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Sees Large Increase in Short Interest

Key Points

• Short interest in Perma-Pipe International surged in June, rising 142% to 302,174 shares, or about 3.8% of the float. The short-interest ratio stands at 1.4 days based on average trading volume.
• The stock rose 2.4% to $25.30 on Tuesday, but it remains below its 50-day and 200-day moving averages. The company has a market cap of about $205.65 million and a low beta of 0.56.
• Recent earnings and analyst sentiment have been weak, with Perma-Pipe missing quarterly EPS and revenue estimates. Analysts currently have a consensus Hold rating with an average target price of $36.00.

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Get Free Report) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 302,174 shares, a growth of 142.0% from the June 15th total of 124,859 shares. Based on an average daily volume of 210,522 shares, the short-interest ratio is currently 1.4 days. Approximately 3.8% of the company's shares are short sold.

Perma-Pipe International Stock Up 2.4%

Shares of PPIH traded up $0.59 during trading hours on Tuesday, reaching $25.30. The company's stock had a trading volume of 12,400 shares, compared to its average volume of 107,816. The firm has a market cap of $205.65 million, a price-to-earnings ratio of 14.92 and a beta of 0.56. Perma-Pipe International has a 1-year low of $20.92 and a 1-year high of $36.72. The company has a quick ratio of 2.02, a current ratio of 2.31 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $29.29 and a two-hundred day moving average of $30.52.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last posted its quarterly earnings results on Tuesday, June 9th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.26). Perma-Pipe International had a return on equity of 15.92% and a net margin of 6.47%.The company had revenue of $50.27 million during the quarter, compared to analysts' expectations of $54.00 million.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of Perma-Pipe International from a "strong-buy" rating to a "hold" rating in a research note on Saturday, April 18th. Weiss Ratings cut Perma-Pipe International from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Perma-Pipe International has a consensus rating of "Hold" and an average target price of $36.00.

Institutional Investors Weigh In On Perma-Pipe International

A number of institutional investors have recently modified their holdings of PPIH. JPMorgan Chase & Co. increased its stake in shares of Perma-Pipe International by 1,595.6% in the third quarter. JPMorgan Chase & Co. now owns 30,419 shares of the industrial products company's stock worth $713,000 after acquiring an additional 28,625 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Perma-Pipe International by 62.9% during the fourth quarter. Royce & Associates LP now owns 149,253 shares of the industrial products company's stock worth $4,531,000 after acquiring an additional 57,655 shares in the last quarter. 683 Capital Management LLC acquired a new stake in Perma-Pipe International during the fourth quarter valued at $1,122,000. Ritholtz Wealth Management boosted its position in Perma-Pipe International by 3.8% during the fourth quarter. Ritholtz Wealth Management now owns 18,907 shares of the industrial products company's stock valued at $574,000 after purchasing an additional 687 shares during the last quarter. Finally, Brendel Financial Advisors LLC purchased a new position in Perma-Pipe International in the fourth quarter valued at about $308,000. Institutional investors and hedge funds own 28.43% of the company's stock.

Perma-Pipe International Company Profile

Perma-Pipe International Holdings Ltd. is a publicly traded company on the NASDAQ under the symbol PPIH that specializes in the design, manufacture and installation of prefabricated piping systems. Its core business revolves around factory-assembled thermal insulation and corrosion protection solutions, including pre-insulated pipe, heat tracing, field-applied jackets and specialty spool pieces. These engineered systems are custom-built to industry specifications and are used to maintain temperatures, control heat loss and extend the life of critical piping infrastructure.

The company's products and services serve a diverse range of end markets, with primary focus on oil and gas production, petrochemical processing, power generation, district energy, and industrial facilities.

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