Perma-Pipe International (NASDAQ:PPIH) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) shares recently crossed above the significant 200-day moving average of $15.99, reaching a high of $26.05 before last trading at $25.12.
• After an earnings report showing $0.61 earnings per share and a net margin of 7.31%, Wall Street Zen upgraded the stock from a "buy" to a "strong-buy" rating.
• Institutional investments have increased, with hedge funds like JPMorgan Chase & Co. dramatically raising their stakes in the company, which is currently 28.43% owned by these entities.

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $15.99 and traded as high as $26.05. Perma-Pipe International shares last traded at $25.12, with a volume of 170,828 shares changing hands.

Analysts Set New Price Targets

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.

Perma-Pipe International Price Performance

The company has a market capitalization of $209.63 million, a PE ratio of 17.06 and a beta of 0.46. 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 stock has a fifty day simple moving average of $21.62 and a 200-day simple moving average of $16.20.

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. The business had revenue of $46.75 million for the quarter. Perma-Pipe International had a return on equity of 17.84% and a net margin of 7.31%.

Institutional Trading of Perma-Pipe International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Keeley Teton Advisors LLC lifted its stake in Perma-Pipe International by 10.8% in the fourth quarter. Keeley Teton Advisors LLC now owns 12,360 shares of the industrial products company's stock valued at $185,000 after buying an additional 1,200 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Perma-Pipe International by 8.8% in the 1st 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 period. Barclays PLC acquired a new position in shares of Perma-Pipe International in the 4th quarter valued at $36,000. State of Wyoming purchased a new stake in Perma-Pipe International in the 4th quarter valued at $77,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Perma-Pipe International by 32.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,225 shares of the industrial products company's stock worth $531,000 after purchasing an additional 5,696 shares during the period. Institutional investors and hedge funds own 28.43% of the company's stock.

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.