Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Short Interest Up 221.8% in August

Key Points

• Short interest in Perma-Pipe International Holdings, Inc. increased by 221.8% in August, reaching a total of 94,600 shares as of August 31st.
• Wall Street analysts upgraded Perma-Pipe from a "buy" to a "strong-buy" rating, indicating increased confidence in the company's performance.
• Recent institutional investors have significantly increased their holdings, with Raymond James Financial boosting its stake by 1,960.8% in the first quarter.

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH - Get Free Report) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 94,600 shares, a growth of 221.8% from the August 15th total of 29,400 shares. Approximately 1.3% of the shares of the stock are sold short. Based on an average trading volume of 88,300 shares, the days-to-cover ratio is presently 1.1 days. Based on an average trading volume of 88,300 shares, the days-to-cover ratio is presently 1.1 days. Approximately 1.3% of the shares of the stock are sold short.

Institutional Investors Weigh In On Perma-Pipe International

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. lifted its stake in shares of Perma-Pipe International by 1,960.8% in the 1st quarter. Raymond James Financial Inc. now owns 657,501 shares of the industrial products company's stock valued at $8,173,000 after purchasing an additional 625,596 shares during the period. Jane Street Group LLC purchased a new position in shares of Perma-Pipe International in the 4th quarter valued at approximately $178,000. Citadel Advisors LLC lifted its stake in shares of Perma-Pipe International by 116.2% in the 4th quarter. Citadel Advisors LLC now owns 23,886 shares of the industrial products company's stock valued at $357,000 after purchasing an additional 12,836 shares during the period. American Century Companies Inc. lifted its stake in shares of Perma-Pipe International by 81.3% in the 1st quarter. American Century Companies Inc. now owns 57,465 shares of the industrial products company's stock valued at $714,000 after purchasing an additional 25,763 shares during the period. Finally, Ellsworth Advisors LLC purchased a new position in shares of Perma-Pipe International in the 1st quarter valued at approximately $581,000. Hedge funds and other institutional investors own 28.43% of the company's stock.

Perma-Pipe International Trading Up 2.5%

PPIH traded up $0.58 on Wednesday, hitting $23.31. 189,443 shares of the company were exchanged, compared to its average volume of 59,569. The firm has a fifty day simple moving average of $26.71 and a two-hundred day simple moving average of $18.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.72 and a current ratio of 1.95. Perma-Pipe International has a 12 month low of $8.81 and a 12 month high of $33.09. The stock has a market capitalization of $185.97 million, a PE ratio of 18.79 and a beta of 0.54.

Perma-Pipe International (NASDAQ:PPIH - Get Free Report) last released its quarterly earnings data on Monday, September 15th. The industrial products company reported $0.10 earnings per share for the quarter. Perma-Pipe International had a return on equity of 14.22% and a net margin of 5.55%.The business had revenue of $47.90 million during the quarter.

Wall Street Analyst Weigh In

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

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.