Short Interest in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Rises By 142.0%

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 302,174 shares, an increase of 142.0% from the June 15th total of 124,859 shares. Currently, 3.8% of the company’s shares are sold short. Based on an average daily volume of 210,522 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PPIH. Empowered Funds LLC grew its stake in Perma-Pipe International by 8.8% in the 1st quarter. Empowered Funds LLC now owns 20,101 shares of the industrial products company’s stock worth $250,000 after acquiring an additional 1,626 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Perma-Pipe International by 55.2% during the first quarter. Jane Street Group LLC now owns 18,505 shares of the industrial products company’s stock valued at $230,000 after acquiring an additional 6,583 shares in the last quarter. Gamco Investors INC. ET AL purchased a new stake in shares of Perma-Pipe International in the second quarter valued at approximately $283,000. Bank of America Corp DE grew its stake in Perma-Pipe International by 1,730.8% in the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 1,125 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in Perma-Pipe International by 4.4% in the second quarter. Bridgeway Capital Management LLC now owns 64,422 shares of the industrial products company’s stock worth $1,473,000 after purchasing an additional 2,711 shares in the last quarter. Hedge funds and other institutional investors own 28.43% of the company’s stock.

Analysts Set New Price Targets

PPIH has been the subject of several recent analyst reports. Wall Street Zen lowered shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research note on Saturday, April 18th. Weiss Ratings downgraded shares of Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 19th. One analyst has rated the stock with a Hold rating, According to MarketBeat, Perma-Pipe International currently has an average rating of “Hold” and an average price target of $36.00.

Perma-Pipe International Trading Up 0.3%

Shares of NASDAQ PPIH traded up $0.07 during midday trading on Thursday, hitting $25.50. The company’s stock had a trading volume of 12,311 shares, compared to its average volume of 107,384. The company has a current ratio of 2.31, a quick ratio of 2.02 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $28.96 and its two-hundred day moving average is $30.42. Perma-Pipe International has a 12-month low of $20.92 and a 12-month high of $36.72. The firm has a market cap of $207.36 million, a P/E ratio of 15.09 and a beta of 0.56.

Perma-Pipe International (NASDAQ:PPIH) last announced its quarterly earnings data on Tuesday, June 9th. The industrial products company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.26). Perma-Pipe International had a net margin of 6.47% and a return on equity of 15.92%. The business had revenue of $50.27 million during the quarter, compared to the consensus estimate of $54.00 million.

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.