Perma-Pipe International (NASDAQ:PPIH) Shares Cross Above 200-Day Moving Average – Here’s Why

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $28.65 and traded as high as $30.13. Perma-Pipe International shares last traded at $29.81, with a volume of 72,159 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PPIH shares. Weiss Ratings raised shares of Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Wall Street Zen raised shares of Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Finally, Loop Capital set a $36.00 price target on Perma-Pipe International in a report on Tuesday, December 16th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Perma-Pipe International presently has a consensus rating of “Buy” and an average price target of $36.00.

Perma-Pipe International Stock Up 0.6%

The firm has a fifty day simple moving average of $30.64 and a 200 day simple moving average of $28.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.53 and a current ratio of 1.76. The company has a market cap of $249.09 million, a PE ratio of 18.11 and a beta of 0.57.

Hedge Funds Weigh In On Perma-Pipe International

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE boosted its holdings in shares of 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 valued at $27,000 after purchasing an additional 1,125 shares during the last quarter. State of Wyoming increased its holdings in shares of Perma-Pipe International by 59.7% during the 4th quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock worth $64,000 after buying an additional 786 shares during the last quarter. U S Global Investors Inc. raised its position in shares of Perma-Pipe International by 400.0% in the 3rd quarter. U S Global Investors Inc. now owns 5,000 shares of the industrial products company’s stock worth $117,000 after buying an additional 4,000 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Perma-Pipe International in the 3rd quarter worth $208,000. Finally, Quadrature Capital Ltd acquired a new position in Perma-Pipe International in the fourth quarter valued at $212,000. Institutional investors and hedge funds own 28.43% of the company’s stock.

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.