Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Short Interest Update

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) saw a large increase in short interest in 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. Based on an average daily volume of 210,522 shares, the short-interest ratio is currently 1.4 days. Currently, 3.8% 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. Ritholtz Wealth Management boosted its stake in Perma-Pipe International by 3.4% in the 1st quarter. Ritholtz Wealth Management now owns 19,554 shares of the industrial products company’s stock valued at $583,000 after buying an additional 647 shares in the last quarter. State of Wyoming boosted its stake in shares of Perma-Pipe International by 59.7% in the 4th quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock valued at $64,000 after purchasing an additional 786 shares in the last quarter. Bank of America Corp DE grew its holdings 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 worth $27,000 after purchasing an additional 1,125 shares during the last quarter. Global Trust Asset Management LLC bought a new position in Perma-Pipe International during the 1st quarter valued at about $44,000. Finally, Empowered Funds LLC lifted its holdings in Perma-Pipe International by 8.8% during the 1st quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company’s stock valued at $250,000 after purchasing an additional 1,626 shares during the last quarter. Institutional investors own 28.43% of the company’s stock.

Analyst Ratings Changes

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

Perma-Pipe International Stock Up 0.9%

PPIH stock traded up $0.22 during trading hours on Wednesday, hitting $25.36. The company’s stock had a trading volume of 55,470 shares, compared to its average volume of 107,835. The company has a quick ratio of 2.02, a current ratio of 2.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $206.18 million, a PE ratio of 15.05 and a beta of 0.56. The stock has a 50 day moving average price of $29.12 and a two-hundred day moving average price of $30.47. Perma-Pipe International has a 12 month low of $20.92 and a 12 month high of $36.72.

Perma-Pipe International (NASDAQ:PPIH) last released its earnings results on Tuesday, June 9th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.26). The company had revenue of $50.27 million during 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%.

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.