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

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 101,192 shares, a decrease of 31.4% from the December 15th total of 147,599 shares. Based on an average daily volume of 107,096 shares, the short-interest ratio is presently 0.9 days. Currently, 1.3% of the shares of the company are sold short. Currently, 1.3% of the shares of the company are sold short. Based on an average daily volume of 107,096 shares, the short-interest ratio is presently 0.9 days.

Institutional Investors Weigh In On Perma-Pipe International

Several large investors have recently added to or reduced their stakes in PPIH. Bank of America Corp DE increased its stake in 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 acquiring an additional 1,125 shares during the last quarter. U S Global Investors Inc. boosted its position in shares of Perma-Pipe International by 400.0% during the 3rd quarter. U S Global Investors Inc. now owns 5,000 shares of the industrial products company’s stock valued at $117,000 after acquiring an additional 4,000 shares during the last quarter. IMS Capital Management purchased a new position in shares of Perma-Pipe International during the second quarter worth about $201,000. Qube Research & Technologies Ltd bought a new position in shares of Perma-Pipe International in the third quarter worth approximately $208,000. Finally, Corsair Capital Management L.P. bought a new position in shares of Perma-Pipe International in the second quarter worth approximately $214,000. Institutional investors own 28.43% of the company’s stock.

Perma-Pipe International Price Performance

Shares of PPIH stock traded up $0.68 during trading hours on Friday, reaching $32.50. The stock had a trading volume of 160,194 shares, compared to its average volume of 112,390. The stock’s fifty day simple moving average is $29.08 and its 200 day simple moving average is $27.03. The firm has a market capitalization of $262.93 million, a PE ratio of 19.12 and a beta of 0.52. Perma-Pipe International has a 12 month low of $8.81 and a 12 month high of $36.48. The company has a current ratio of 1.76, a quick ratio of 1.53 and a debt-to-equity ratio of 0.15.

Perma-Pipe International (NASDAQ:PPIH) last posted its earnings results on Friday, December 12th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter. Perma-Pipe International had a net margin of 6.91% and a return on equity of 18.12%. The business had revenue of $61.15 million for the quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PPIH. Loop Capital set a $36.00 price target on Perma-Pipe International in a research report on Tuesday, December 16th. Weiss Ratings cut Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Finally, Wall Street Zen raised shares of Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a report on Saturday, December 13th. One research 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 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.