DA Davidson Forecasts Strong Price Appreciation for Matrix Service (NASDAQ:MTRX) Stock

Matrix Service (NASDAQ:MTRX) had its price target boosted by DA Davidson from $18.00 to $20.00 in a research note published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, StockNews.com upgraded shares of Matrix Service from a “buy” rating to a “strong-buy” rating in a research report on Thursday, February 6th.

Matrix Service Stock Performance

NASDAQ:MTRX opened at $15.48 on Tuesday. The company has a fifty day moving average of $13.23 and a two-hundred day moving average of $11.82. The stock has a market capitalization of $426.63 million, a PE ratio of -12.69 and a beta of 1.28. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $15.75.

Matrix Service (NASDAQ:MTRX) last issued its earnings results on Wednesday, February 5th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.02. Matrix Service had a negative net margin of 4.76% and a negative return on equity of 20.81%. Research analysts forecast that Matrix Service will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Matrix Service

A number of hedge funds have recently modified their holdings of MTRX. R Squared Ltd purchased a new stake in shares of Matrix Service in the fourth quarter valued at about $45,000. Quarry LP purchased a new stake in shares of Matrix Service in the third quarter valued at about $53,000. BNP Paribas Financial Markets grew its holdings in shares of Matrix Service by 112.9% in the third quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock valued at $106,000 after purchasing an additional 4,860 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Matrix Service in the third quarter valued at about $108,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Matrix Service in the second quarter valued at about $110,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. It operates through three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions.