Perma-Pipe International Holdings Inc (NASDAQ:PPIH) Sees Large Drop in Short Interest
Perma-Pipe International Holdings Inc (NASDAQ:PPIH) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 3,800 shares, a decline of 56.3% from the July 31st total of 8,700 shares. Based on an average daily volume of 13,200 shares, the short-interest ratio is presently 0.3 days. Approximately 0.1% of the shares of the stock are sold short.
Several research analysts have weighed in on PPIH shares. TheStreet upgraded Perma-Pipe International from a “d+” rating to a “c+” rating in a report on Tuesday. ValuEngine upgraded Perma-Pipe International from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its holdings in 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 acquiring an additional 7,855 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Perma-Pipe International by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 214,024 shares of the industrial products company’s stock valued at $1,948,000 after buying an additional 3,000 shares during the period. Renaissance Technologies LLC grew its stake in shares of Perma-Pipe International by 20.3% during the 2nd quarter. Renaissance Technologies LLC now owns 216,563 shares of the industrial products company’s stock valued at $1,971,000 after buying an additional 36,492 shares during the period. Finally, Wedbush Securities Inc. grew its stake in shares of Perma-Pipe International by 8.8% during the 2nd quarter. Wedbush Securities Inc. now owns 342,979 shares of the industrial products company’s stock valued at $3,121,000 after buying an additional 27,669 shares during the period. Institutional investors own 53.04% of the company’s stock.
Perma-Pipe International (NASDAQ:PPIH) last issued its quarterly earnings results on Tuesday, June 11th. The industrial products company reported ($0.19) earnings per share for the quarter. The business 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%.
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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