Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Short Interest Up 93.8% in September

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 183,300 shares, an increase of 93.8% from the August 31st total of 94,600 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 123,000 shares, the days-to-cover ratio is currently 1.5 days. Based on an average daily trading volume, of 123,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 2.6% of the shares of the company are short sold.

Institutional Investors Weigh In On Perma-Pipe International

Hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. increased its position in shares of Perma-Pipe International by 1,960.8% during the 1st quarter. Raymond James Financial Inc. now owns 657,501 shares of the industrial products company’s stock valued at $8,173,000 after purchasing an additional 625,596 shares during the last quarter. Jane Street Group LLC bought a new stake in Perma-Pipe International in the 4th quarter worth approximately $178,000. Ellsworth Advisors LLC purchased a new stake in Perma-Pipe International in the first quarter worth approximately $581,000. American Century Companies Inc. grew its position in Perma-Pipe International by 81.3% during the first quarter. American Century Companies Inc. now owns 57,465 shares of the industrial products company’s stock valued at $714,000 after acquiring an additional 25,763 shares during the last quarter. Finally, IMS Capital Management bought a new position in Perma-Pipe International during the second quarter valued at approximately $201,000. Institutional investors own 28.43% of the company’s stock.

Analyst Upgrades and Downgrades

PPIH has been the topic of several research reports. Wall Street Zen lowered shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research report on Saturday, September 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Perma-Pipe International in a research note on Saturday, September 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Perma-Pipe International currently has a consensus rating of “Hold”.

Perma-Pipe International Trading Up 2.6%

Perma-Pipe International stock opened at $23.03 on Tuesday. The firm’s fifty day moving average price is $26.53 and its 200-day moving average price is $19.87. Perma-Pipe International has a fifty-two week low of $8.81 and a fifty-two week high of $33.09. The stock has a market cap of $186.31 million, a P/E ratio of 18.57 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.64 and a current ratio of 1.88.

Perma-Pipe International (NASDAQ:PPIH) last issued its quarterly earnings results on Monday, September 15th. The industrial products company reported $0.10 earnings per share (EPS) for the quarter. Perma-Pipe International had a return on equity of 13.92% and a net margin of 5.55%.The firm had revenue of $47.90 million during the quarter.

Perma-Pipe International Company Profile

Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines.