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

Key Points

• Short interest in Perma-Pipe International increased by 44.1% in August, totaling 29,400 shares, which corresponds to approximately 0.4% of the company's stock.
• Institutional investors have significantly increased their holdings, with Bank of America Corp DE raising its position by 1,730.8% in Q2, contributing to a total of 28.43% of the stock now owned by institutions.
• The stock price of Perma-Pipe International opened at $30.51, reflecting a decrease of 2.9%, with a 52-week high of $32.90 and a low of $8.81.

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Get Free Report) was the target of a large growth in short interest in August. As of August 15th, there was short interest totaling 29,400 shares, a growth of 44.1% from the July 31st total of 20,400 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average trading volume of 69,300 shares, the short-interest ratio is currently 0.4 days. Based on an average trading volume of 69,300 shares, the short-interest ratio is currently 0.4 days. Currently, 0.4% of the shares of the stock are short sold.

Institutional Trading of Perma-Pipe International

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in Perma-Pipe International by 1,730.8% in the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company's stock valued at $27,000 after buying an additional 1,125 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Perma-Pipe International by 8.8% during the first quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company's stock valued at $250,000 after acquiring an additional 1,626 shares during the last quarter. Barclays PLC bought a new position in shares of Perma-Pipe International during the fourth quarter valued at $36,000. Bridgeway Capital Management LLC raised its stake in shares of Perma-Pipe International by 4.4% during the second 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 during the last quarter. Finally, State of Wyoming bought a new position in shares of Perma-Pipe International during the fourth quarter valued at $77,000. Institutional investors and hedge funds own 28.43% of the company's stock.

Wall Street Analyst Weigh In

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

Perma-Pipe International Price Performance

Perma-Pipe International stock traded down $0.80 during mid-day trading on Friday, reaching $31.00. The company had a trading volume of 68,326 shares, compared to its average volume of 116,245. Perma-Pipe International has a fifty-two week low of $8.81 and a fifty-two week high of $33.09. The company has a current ratio of 1.95, a quick ratio of 1.72 and a debt-to-equity ratio of 0.05. The company has a market cap of $247.38 million, a P/E ratio of 20.13 and a beta of 0.54. The business has a fifty day simple moving average of $26.66 and a 200 day simple moving average of $18.75.

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

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.