Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Short Interest Up 44.1% in August

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) saw a large increase in short interest in August. As of August 15th, there was short interest totaling 29,400 shares, anincreaseof44.1% from the July 31st total of 20,400 shares. Approximately0.4% of the company's stock are sold short. Based on an average daily volume of 69,300 shares, the short-interest ratio is presently 0.4 days. Based on an average daily volume of 69,300 shares, the short-interest ratio is presently 0.4 days. Approximately0.4% of the company's stock are sold short.

Institutional Trading of Perma-Pipe International

A number of institutional investors have recently bought and sold shares of PPIH. Bank of America Corp DE lifted 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 worth $27,000 after buying an additional 1,125 shares during the last quarter. Barclays PLC bought a new stake in Perma-Pipe International in the fourth quarter worth $36,000. State of Wyoming bought a new stake in Perma-Pipe International in the fourth quarter worth $77,000. Lazard Asset Management LLC bought a new stake in Perma-Pipe International in the fourth quarter worth $113,000. Finally, Jane Street Group LLC bought a new stake in Perma-Pipe International in the fourth quarter worth $178,000. 28.43% of the stock is currently owned by institutional investors.

Perma-Pipe International Trading Down 2.9%

PPIH stock opened at $30.51 on Monday. The firm has a fifty day moving average price of $25.84 and a 200 day moving average price of $18.15. Perma-Pipe International has a fifty-two week low of $8.81 and a fifty-two week high of $32.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.72 and a current ratio of 1.95. The firm has a market cap of $243.47 million, a PE ratio of 19.81 and a beta of 0.53.

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 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 during the quarter.

Analysts Set New Price Targets

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

Perma-Pipe International Company Profile

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.

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