Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Short Interest Update

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) was the recipient of a large 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. Currently,0.3% of the shares of the company are sold short. Based on an average trading volume of 54,200 shares, the days-to-cover ratio is currently 0.4 days. Based on an average trading volume of 54,200 shares, the days-to-cover ratio is currently 0.4 days. Currently,0.3% of the shares of the company are sold short.

Perma-Pipe International Stock Performance

NASDAQ PPIH traded up $0.52 during midday trading on Tuesday, hitting $27.69. The company had a trading volume of 97,623 shares, compared to its average volume of 42,362. The company has a quick ratio of 1.72, a current ratio of 1.95 and a debt-to-equity ratio of 0.05. The stock has a market cap of $221.05 million, a price-to-earnings ratio of 17.98 and a beta of 0.46. The firm has a fifty day simple moving average of $23.37 and a two-hundred day simple moving average of $16.74. Perma-Pipe International has a fifty-two week low of $8.23 and a fifty-two week high of $28.25.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of Perma-Pipe International

Several institutional investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC boosted its position in shares of Perma-Pipe International by 4.4% during the 2nd quarter. Bridgeway Capital Management LLC now owns 64,422 shares of the industrial products company's stock valued at $1,473,000 after acquiring an additional 2,711 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Perma-Pipe International by 1,730.8% during the 2nd quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 1,125 shares in the last quarter. Gamco Investors INC. ET AL acquired a new stake in shares of Perma-Pipe International during the 2nd quarter valued at about $283,000. Corsair Capital Management L.P. acquired a new stake in shares of Perma-Pipe International during the 2nd quarter valued at about $214,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Perma-Pipe International during the 2nd quarter valued at about $279,000. 28.43% of the stock is currently owned by institutional investors and hedge funds.

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.