Perma-Pipe International (NASDAQ:PPIH) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened
by Sarita Garza · The Markets DailyPerma-Pipe International Holdings, Inc. (NASDAQ:PPIH – Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.69 and traded as high as $32.49. Perma-Pipe International shares last traded at $32.37, with a volume of 116,344 shares.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the company. Weiss Ratings upgraded Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Wall Street Zen upgraded 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 target price on Perma-Pipe International in a report on Tuesday, December 16th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $36.00.
Read Our Latest Stock Analysis on PPIH
Perma-Pipe International Stock Down 0.1%
The stock has a market cap of $261.87 million, a PE ratio of 19.04 and a beta of 0.51. The business has a 50 day moving average price of $31.61 and a 200 day moving average price of $28.69. The company has a quick ratio of 1.53, a current ratio of 1.76 and a debt-to-equity ratio of 0.15.
Perma-Pipe International (NASDAQ:PPIH – Get Free Report) last announced its quarterly earnings results on Friday, December 12th. The industrial products company reported $0.77 earnings per share for the quarter. The company had revenue of $61.15 million during the quarter. Perma-Pipe International had a return on equity of 18.12% and a net margin of 6.91%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. acquired a new position in shares of Perma-Pipe International in the fourth quarter worth about $2,914,000. Empowered Funds LLC increased its stake in shares of Perma-Pipe International by 10.9% in the 4th quarter. Empowered Funds LLC now owns 27,359 shares of the industrial products company’s stock valued at $831,000 after purchasing an additional 2,682 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Perma-Pipe International in the 4th quarter valued at about $212,000. Millennium Management LLC raised its holdings in Perma-Pipe International by 265.1% in the 4th quarter. Millennium Management LLC now owns 42,780 shares of the industrial products company’s stock worth $1,299,000 after purchasing an additional 31,064 shares during the period. Finally, Bridgeway Capital Management LLC boosted its position in Perma-Pipe International by 4.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 64,769 shares of the industrial products company’s stock worth $1,966,000 after purchasing an additional 2,682 shares in the last quarter. Hedge funds and other institutional investors own 28.43% of the company’s stock.
Perma-Pipe International Company Profile
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.