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

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) saw a significant increase in short interest in August. As of August 31st, there was short interest totaling 94,600 shares, an increase of 221.8% from the August 15th total of 29,400 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average trading volume of 88,300 shares, the short-interest ratio is currently 1.1 days. Based on an average trading volume of 88,300 shares, the short-interest ratio is currently 1.1 days. Currently, 1.3% of the shares of the company are sold short.

Analysts Set New Price Targets

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

Perma-Pipe International Price Performance

Shares of NASDAQ PPIH opened at $31.80 on Friday. The stock has a fifty day simple moving average of $26.52 and a two-hundred day simple moving average of $18.59. Perma-Pipe International has a 1-year low of $8.81 and a 1-year high of $33.09. The firm has a market cap of $253.76 million, a price-to-earnings ratio of 20.65 and a beta of 0.54. The company has a current ratio of 1.95, a quick ratio of 1.72 and a debt-to-equity ratio of 0.05.

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

Hedge Funds Weigh In On Perma-Pipe International

A number of large investors have recently made changes to their positions in PPIH. Raymond James Financial Inc. boosted its holdings in shares of Perma-Pipe International by 1,960.8% in the first quarter. Raymond James Financial Inc. now owns 657,501 shares of the industrial products company's stock worth $8,173,000 after acquiring an additional 625,596 shares during the period. Ellsworth Advisors LLC bought a new position in shares of Perma-Pipe International in the first quarter worth $581,000. Truffle Hound Capital LLC bought a new position in shares of Perma-Pipe International in the second quarter worth $938,000. American Century Companies Inc. boosted its holdings in shares of Perma-Pipe International by 81.3% in the first quarter. American Century Companies Inc. now owns 57,465 shares of the industrial products company's stock worth $714,000 after acquiring an additional 25,763 shares during the period. Finally, Citadel Advisors LLC boosted its holdings in shares of Perma-Pipe International by 116.2% in the fourth quarter. Citadel Advisors LLC now owns 23,886 shares of the industrial products company's stock worth $357,000 after acquiring an additional 12,836 shares during the period. 28.43% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.