Short Interest in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Decreases By 31.4%
by Teresa Graham · The Cerbat GemPerma-Pipe International Holdings, Inc. (NASDAQ:PPIH – Get Free Report) was the target of a large decline in short interest in December. As of December 31st, there was short interest totaling 101,192 shares, a decline of 31.4% from the December 15th total of 147,599 shares. Based on an average daily trading volume, of 107,096 shares, the short-interest ratio is presently 0.9 days. Approximately 1.3% of the shares of the stock are short sold. Approximately 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 107,096 shares, the short-interest ratio is presently 0.9 days.
Hedge Funds Weigh In On Perma-Pipe International
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Truffle Hound Capital LLC bought a new stake in Perma-Pipe International in the second quarter valued at approximately $938,000. Hillsdale Investment Management Inc. purchased a new position in shares of Perma-Pipe International in the second quarter worth $279,000. IMS Capital Management purchased a new position in shares of Perma-Pipe International in the second quarter worth $201,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Perma-Pipe International by 32.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,225 shares of the industrial products company’s stock valued at $531,000 after buying an additional 5,696 shares during the last quarter. Finally, Corsair Capital Management L.P. purchased a new stake in Perma-Pipe International during the 2nd quarter valued at $214,000. 28.43% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
PPIH has been the topic of several research reports. Loop Capital set a $36.00 price objective on shares of Perma-Pipe International in a research report on Tuesday, December 16th. Wall Street Zen raised Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Finally, Weiss Ratings lowered Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $36.00.
Check Out Our Latest Report on PPIH
Perma-Pipe International Trading Up 2.1%
Shares of PPIH stock traded up $0.68 on Friday, hitting $32.50. 160,194 shares of the company’s stock traded hands, compared to its average volume of 112,390. The stock has a market capitalization of $262.93 million, a price-to-earnings ratio of 19.12 and a beta of 0.52. The company’s fifty day simple moving average is $29.08 and its 200 day simple moving average is $27.03. Perma-Pipe International has a one year low of $8.81 and a one year high of $36.48. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.53 and a current ratio of 1.76.
Perma-Pipe International (NASDAQ:PPIH – Get Free Report) last posted its quarterly earnings results on Friday, December 12th. The industrial products company reported $0.77 earnings per share 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 during the quarter.
About Perma-Pipe International
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.