Zacks Investment Research cut shares of Profire Energy, Inc. (NASDAQ:PFIE) from a hold rating to a sell rating in a research note released on Thursday.

According to Zacks, “Profire Energy, Inc. manufactures, installs and services oilfield combustion management systems and related burner products. The Company’s products aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. Its products include Profire 2100 and the Profire 1100, Profire 1100i and fuel-trains or valve-trains, which comprise piping, valves, and controls related to the process of providing fuel to burners, as well as having safety controllers to monitor operations. Profire Energy, Inc. is based in Lindon, Utah. “

Shares of Profire Energy (NASDAQ PFIE) traded down $0.03 during midday trading on Thursday, reaching $2.06. 107,400 shares of the company traded hands, compared to its average volume of 94,166. The firm has a market cap of $99.75, a P/E ratio of 29.43 and a beta of 1.66. Profire Energy has a 1-year low of $1.11 and a 1-year high of $2.25.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tocqueville Asset Management L.P. lifted its position in Profire Energy by 151.1% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 1,730,500 shares of the oil and gas company’s stock worth $2,250,000 after buying an additional 1,041,256 shares in the last quarter. Renaissance Technologies LLC lifted its position in Profire Energy by 8.7% during the 1st quarter. Renaissance Technologies LLC now owns 341,460 shares of the oil and gas company’s stock valued at $481,000 after purchasing an additional 27,460 shares during the period. Essex Investment Management Co. LLC acquired a new position in Profire Energy during the 3rd quarter valued at about $429,000. Nationwide Fund Advisors acquired a new position in Profire Energy during the 3rd quarter valued at about $279,000. Finally, Macquarie Group Ltd. acquired a new position in Profire Energy during the 3rd quarter valued at about $174,000. Institutional investors and hedge funds own 20.50% of the company’s stock.

About Profire Energy

Profire Energy, Inc is an oilfield technology company. The Company is primarily engaged in the business of developing combustion management technologies for the oil and gas industry. It specializes in the creation of burner-management systems, used on a range of oilfield natural-draft fire tube vessels.

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