Perimeter Solutions (NYSE:PRM) Stock Price Down 5.8% – Here’s Why

Shares of Perimeter Solutions, SA (NYSE:PRM) were down 5.8% during mid-day trading on Thursday . The company traded as low as $31.63 and last traded at $31.5570. Approximately 516,725 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,114,767 shares. The stock had previously closed at $33.50.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. UBS Group lifted their price objective on Perimeter Solutions from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen raised Perimeter Solutions from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research upgraded Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. Morgan Stanley boosted their target price on Perimeter Solutions from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Weiss Ratings raised Perimeter Solutions from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.00.

Perimeter Solutions Stock Down 0.8%

The company has a current ratio of 3.09, a quick ratio of 1.61 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $5.08 billion, a P/E ratio of -23.24 and a beta of 1.93. The firm’s 50 day moving average price is $27.31 and its two-hundred day moving average price is $26.99.

Perimeter Solutions (NYSE:PRM) last released its earnings results on Thursday, May 7th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The business had revenue of $125.07 million for the quarter, compared to the consensus estimate of $121.80 million. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%. Equities research analysts forecast that Perimeter Solutions, SA will post 1.91 EPS for the current year.

Insiders Place Their Bets

In other Perimeter Solutions news, insider Jeffrey Emery sold 99,963 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $32.92, for a total value of $3,290,781.96. Following the transaction, the insider directly owned 46,500 shares in the company, valued at $1,530,780. The trade was a 68.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William N. Thorndike, Jr. sold 125,000 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $23.37, for a total transaction of $2,921,250.00. Following the completion of the transaction, the director owned 8,735,656 shares in the company, valued at approximately $204,152,280.72. This trade represents a 1.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,129,535 shares of company stock valued at $32,569,161 over the last 90 days. 13.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Perimeter Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRM. Bank of America Corp DE raised its position in shares of Perimeter Solutions by 4.8% in the 1st quarter. Bank of America Corp DE now owns 1,738,095 shares of the company’s stock valued at $42,444,000 after buying an additional 79,083 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Perimeter Solutions by 8.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,007,536 shares of the company’s stock worth $97,863,000 after acquiring an additional 315,763 shares in the last quarter. Amundi bought a new position in Perimeter Solutions in the first quarter valued at approximately $482,000. EverSource Wealth Advisors LLC increased its stake in Perimeter Solutions by 20.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,295 shares of the company’s stock valued at $56,000 after acquiring an additional 383 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Perimeter Solutions by 24.2% during the first quarter. California State Teachers Retirement System now owns 164,346 shares of the company’s stock valued at $4,013,000 after purchasing an additional 32,073 shares in the last quarter. 89.93% of the stock is owned by institutional investors and hedge funds.

Perimeter Solutions Company Profile

Perimeter Solutions Ltd. (NYSE: PRM) is a global specialty chemicals company focused on delivering performance-driven solutions for the oil and gas, coatings, plastics, water treatment and packaging markets. Established as an independent publicly traded company in December 2019 following its spin-off from NewMarket Corporation, Perimeter Solutions has positioned itself as a leading provider of highly engineered chemical products designed to optimize upstream oil recovery, protect infrastructure and enhance the performance of industrial processes.

The company’s core product portfolio spans several key segments.