Perma-Pipe International (NASDAQ:PPIH) Shares Cross Below 200 Day Moving Average – Here’s What Happened

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $30.97 and traded as low as $27.02. Perma-Pipe International shares last traded at $27.30, with a volume of 97,463 shares traded.

Analysts Set New Price Targets

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

Perma-Pipe International Price Performance

The firm’s fifty day moving average price is $30.60 and its two-hundred day moving average price is $30.94. The stock has a market capitalization of $224.96 million, a PE ratio of 16.37 and a beta of 0.54. The company has a quick ratio of 2.02, a current ratio of 2.31 and a debt-to-equity ratio of 0.21.

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

Hedge Funds Weigh In On Perma-Pipe International

A number of hedge funds have recently modified their holdings of PPIH. Invesco Ltd. purchased a new stake in Perma-Pipe International in the 4th quarter worth $2,914,000. Royce & Associates LP purchased a new position in Perma-Pipe International during the third quarter valued at $2,146,000. Arrowstreet Capital Limited Partnership grew its stake in Perma-Pipe International by 122.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 154,784 shares of the industrial products company’s stock valued at $4,614,000 after acquiring an additional 85,218 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Perma-Pipe International by 39.1% in the 1st quarter. Renaissance Technologies LLC now owns 209,093 shares of the industrial products company’s stock valued at $6,233,000 after acquiring an additional 58,800 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Perma-Pipe International in the 1st quarter valued at $1,265,000. 28.43% of the stock is currently owned by institutional investors.

About Perma-Pipe International

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.