Matrix Service Company (NASDAQ:MTRX) Sees Significant Growth in Short Interest

Matrix Service Company (NASDAQ:MTRX) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 587,675 shares, a growth of 20.5% from the December 15th total of 487,756 shares. Based on an average daily volume of 231,026 shares, the days-to-cover ratio is currently 2.5 days. Approximately 2.2% of the company’s shares are short sold. Approximately 2.2% of the company’s shares are short sold. Based on an average daily volume of 231,026 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. DA Davidson reissued a “buy” rating and set a $17.00 price target on shares of Matrix Service in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Matrix Service in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Matrix Service presently has a consensus rating of “Hold” and an average price target of $17.00.

Insider Activity at Matrix Service

In related news, insider Shawn P. Payne sold 5,231 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $11.42, for a total value of $59,738.02. Following the completion of the transaction, the insider directly owned 102,179 shares in the company, valued at approximately $1,166,884.18. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 16,500 shares of company stock valued at $198,000 over the last ninety days. 4.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Matrix Service

Several institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new position in shares of Matrix Service during the third quarter valued at approximately $28,000. BNP Paribas Financial Markets boosted its position in Matrix Service by 68.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock valued at $34,000 after purchasing an additional 1,032 shares during the period. Tower Research Capital LLC TRC grew its stake in Matrix Service by 133.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock worth $45,000 after buying an additional 1,893 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in Matrix Service in the third quarter worth $67,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Matrix Service during the second quarter valued at $101,000. Institutional investors and hedge funds own 78.38% of the company’s stock.

Matrix Service Stock Performance

Shares of Matrix Service stock traded down $0.15 during trading on Tuesday, reaching $13.56. The company had a trading volume of 119,258 shares, compared to its average volume of 227,363. Matrix Service has a fifty-two week low of $9.33 and a fifty-two week high of $16.10. The firm’s fifty day moving average is $12.01 and its 200-day moving average is $13.31. The company has a market cap of $381.38 million, a price-to-earnings ratio of -15.95, a price-to-earnings-growth ratio of 2.34 and a beta of 0.93.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. Matrix Service had a negative return on equity of 11.68% and a negative net margin of 2.93%.The firm had revenue of $211.88 million during the quarter, compared to analyst estimates of $206.66 million. On average, research analysts anticipate that Matrix Service will post -0.26 EPS for the current fiscal year.

About Matrix Service

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.