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

Key Points

• Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) saw a significant decrease in short interest, down 71.1% in July, with total short interest now at 20,400 shares.
• The company's stock price opened at $27.27, showing a strong performance with a market cap of $217.70 million and a PE ratio of 17.71.
• Wall Street analysts upgraded Perma-Pipe International from a "buy" to a "strong-buy" rating, which reflects growing investor confidence in the company's future prospects.

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Get Free Report) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 20,400 shares, adropof71.1% from the July 15th total of 70,500 shares. Approximately0.3% of the company's stock are short sold. Based on an average daily volume of 54,200 shares, the short-interest ratio is currently 0.4 days. Based on an average daily volume of 54,200 shares, the short-interest ratio is currently 0.4 days. Approximately0.3% of the company's stock are short sold.

Institutional Investors Weigh In On Perma-Pipe International

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. grew its holdings in Perma-Pipe International by 1,960.8% during the first quarter. Raymond James Financial Inc. now owns 657,501 shares of the industrial products company's stock worth $8,173,000 after acquiring an additional 625,596 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Perma-Pipe International by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 463,133 shares of the industrial products company's stock worth $6,924,000 after buying an additional 14,235 shares in the last quarter. Renaissance Technologies LLC grew its position in Perma-Pipe International by 6.2% in the fourth quarter. Renaissance Technologies LLC now owns 195,993 shares of the industrial products company's stock worth $2,930,000 after buying an additional 11,489 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Perma-Pipe International by 22.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 101,575 shares of the industrial products company's stock valued at $1,519,000 after buying an additional 18,475 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Perma-Pipe International by 81.3% during the 1st quarter. American Century Companies Inc. now owns 57,465 shares of the industrial products company's stock valued at $714,000 after acquiring an additional 25,763 shares during the last quarter. Institutional investors own 28.43% of the company's stock.

Perma-Pipe International Stock Performance

NASDAQ:PPIH traded up $0.4350 during midday trading on Thursday, reaching $27.5350. 13,530 shares of the company traded hands, compared to its average volume of 42,413. The firm has a market capitalization of $219.73 million, a price-to-earnings ratio of 17.88 and a beta of 0.46. The company has a fifty day moving average price of $23.62 and a 200 day moving average price of $16.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.95 and a quick ratio of 1.72. Perma-Pipe International has a twelve month low of $8.66 and a twelve month high of $28.25.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last posted its earnings results on Friday, June 13th. The industrial products company reported $0.61 earnings per share (EPS) for the quarter. Perma-Pipe International had a return on equity of 17.84% and a net margin of 7.31%.The company had revenue of $46.75 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Perma-Pipe International from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 22nd.

About Perma-Pipe International

Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines.