Perma-Pipe International Holdings Inc (NASDAQ:PPIH) Sees Large Drop in Short Interest

Perma-Pipe International Holdings Inc (NASDAQ:PPIH) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 3,800 shares, a decrease of 56.3% from the July 31st total of 8,700 shares. Based on an average daily trading volume, of 13,200 shares, the short-interest ratio is currently 0.3 days. Currently, 0.1% of the company’s stock are short sold.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Perma-Pipe International by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 214,024 shares of the industrial products company’s stock valued at $1,948,000 after purchasing an additional 3,000 shares in the last quarter. BlackRock Inc. raised its stake in shares of Perma-Pipe International by 31.7% in the 2nd quarter. BlackRock Inc. now owns 32,629 shares of the industrial products company’s stock valued at $297,000 after purchasing an additional 7,855 shares in the last quarter. Wedbush Securities Inc. raised its stake in shares of Perma-Pipe International by 8.8% in the 2nd quarter. Wedbush Securities Inc. now owns 342,979 shares of the industrial products company’s stock valued at $3,121,000 after purchasing an additional 27,669 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Perma-Pipe International by 20.3% in the 2nd quarter. Renaissance Technologies LLC now owns 216,563 shares of the industrial products company’s stock valued at $1,971,000 after purchasing an additional 36,492 shares in the last quarter. Institutional investors and hedge funds own 53.04% of the company’s stock.

Shares of Perma-Pipe International stock traded down $0.26 during trading on Friday, reaching $8.64. The company had a trading volume of 34,250 shares, compared to its average volume of 14,832. The company has a market cap of $69.40 million, a price-to-earnings ratio of 24.95 and a beta of 0.46. The firm’s fifty day moving average is $8.47 and its 200-day moving average is $8.82. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.20 and a current ratio of 1.67. Perma-Pipe International has a fifty-two week low of $7.87 and a fifty-two week high of $9.50.

Perma-Pipe International (NASDAQ:PPIH) last issued its earnings results on Tuesday, June 11th. The industrial products company reported ($0.19) earnings per share (EPS) for the quarter. The company had revenue of $24.28 million during the quarter. Perma-Pipe International had a net margin of 2.39% and a return on equity of 6.00%.

A number of equities research analysts have recently issued reports on the stock. ValuEngine upgraded shares of Perma-Pipe International from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. TheStreet upgraded shares of Perma-Pipe International from a “d+” rating to a “c+” rating in a research note on Tuesday.

Perma-Pipe International Company Profile

Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. The company offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and/or insulation of oil and gas gathering and transmission pipelines.

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