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

Key Points

• Short interest surged 70.6% in April to 139,485 shares (about 1.8% of shares outstanding), leaving a days-to-cover ratio of roughly 2.4 days.
• Perma-Pipe beat Q1 EPS estimates, reporting $0.60 vs. $0.44 expected and revenue of $55.13 million, with a 20.37% ROE and an 8.08% net margin.
• Shares trade near $32.26 with a market cap of about $262 million and a P/E of 15.5, and analysts hold a consensus rating of Buy with a $36 target despite some recent mixed rating changes.

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Get Free Report) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 139,485 shares, a growth of 70.6% from the March 31st total of 81,746 shares. Based on an average daily volume of 58,923 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.8% of the company's shares are short sold.

Hedge Funds Weigh In On Perma-Pipe International

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Global Trust Asset Management LLC bought a new stake in Perma-Pipe International in the 1st quarter valued at about $44,000. Ritholtz Wealth Management increased its holdings in shares of Perma-Pipe International by 3.4% during the first quarter. Ritholtz Wealth Management now owns 19,554 shares of the industrial products company's stock valued at $583,000 after acquiring an additional 647 shares in the last quarter. ARS Investment Partners LLC acquired a new position in shares of Perma-Pipe International during the first quarter worth approximately $263,000. Invesco Ltd. bought a new position in shares of Perma-Pipe International in the 4th quarter worth $2,914,000. Finally, Empowered Funds LLC grew its position in Perma-Pipe International by 10.9% in the 4th quarter. Empowered Funds LLC now owns 27,359 shares of the industrial products company's stock valued at $831,000 after purchasing an additional 2,682 shares during the period. Institutional investors own 28.43% of the company's stock.

Perma-Pipe International Trading Up 0.5%

PPIH stock traded up $0.16 during midday trading on Monday, hitting $32.26. The stock had a trading volume of 32,722 shares, compared to its average volume of 93,386. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.05. The firm has a market cap of $261.95 million, a P/E ratio of 15.51 and a beta of 0.57. The business has a fifty day moving average price of $31.05 and a two-hundred day moving average price of $29.74. Perma-Pipe International has a 1-year low of $11.22 and a 1-year high of $36.72.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The company had revenue of $55.13 million for the quarter, compared to the consensus estimate of $55.00 million. Perma-Pipe International had a return on equity of 20.37% and a net margin of 8.08%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PPIH shares. Weiss Ratings raised Perma-Pipe International from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. 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. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $36.00.

About Perma-Pipe International

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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