Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Sees Large Increase in Short Interest

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 302,174 shares, an increase of 142.0% from the June 15th total of 124,859 shares. Currently, 3.8% of the company’s stock are sold short. Based on an average daily trading volume, of 210,522 shares, the days-to-cover ratio is currently 1.4 days.

Analysts Set New Price Targets

PPIH has been the subject of several recent research reports. Wall Street Zen cut Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings lowered shares of Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Perma-Pipe International has a consensus rating of “Hold” and an average target price of $36.00.

Perma-Pipe International Stock Up 2.4%

NASDAQ:PPIH traded up $0.59 during trading hours on Tuesday, reaching $25.30. The company’s stock had a trading volume of 12,400 shares, compared to its average volume of 107,816. The company has a market cap of $205.65 million, a price-to-earnings ratio of 14.92 and a beta of 0.56. Perma-Pipe International has a one year low of $20.92 and a one year high of $36.72. The business’s 50-day moving average is $29.29 and its 200-day moving average is $30.52. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.31 and a quick ratio of 2.02.

Perma-Pipe International (NASDAQ:PPIH) last posted its earnings results on Tuesday, June 9th. The industrial products company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.26). Perma-Pipe International had a return on equity of 15.92% and a net margin of 6.47%.The business had revenue of $50.27 million for the quarter, compared to analyst estimates of $54.00 million.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in shares of Perma-Pipe International by 1,730.8% in the 2nd quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 1,125 shares in the last quarter. Global Trust Asset Management LLC acquired a new stake in Perma-Pipe International in the 1st quarter worth approximately $44,000. State of Wyoming boosted its position in Perma-Pipe International by 59.7% during the fourth quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 786 shares during the period. Qube Research & Technologies Ltd bought a new stake in Perma-Pipe International during the third quarter worth approximately $208,000. Finally, Quadrature Capital Ltd acquired a new position in Perma-Pipe International during the fourth quarter valued at approximately $212,000. Institutional investors and hedge funds own 28.43% of the company’s stock.

Perma-Pipe International Company Profile

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.