Perma-Pipe International (NASDAQ:PPIH) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $30.38 and traded as high as $31.71. Perma-Pipe International shares last traded at $31.42, with a volume of 95,472 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PPIH shares. Weiss Ratings lowered shares of Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. Wall Street Zen lowered shares of Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research report on Saturday, April 18th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $36.00.

Perma-Pipe International Stock Down 0.4%

The business’s 50-day moving average price is $31.27 and its 200-day moving average price is $30.41. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $253.67 million, a PE ratio of 15.02 and a beta of 0.58.

Perma-Pipe International (NASDAQ:PPIH) last posted its quarterly earnings results on Thursday, April 16th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. The business had revenue of $55.13 million during the quarter, compared to analyst estimates of $55.00 million. Perma-Pipe International had a net margin of 8.08% and a return on equity of 20.37%.

Hedge Funds Weigh In On Perma-Pipe International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPIH. Invesco Ltd. bought a new position in Perma-Pipe International during the fourth quarter valued at approximately $2,914,000. Royce & Associates LP bought a new position in Perma-Pipe International during the third quarter valued at approximately $2,146,000. Arrowstreet Capital Limited Partnership raised its position in Perma-Pipe International by 122.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 154,784 shares of the industrial products company’s stock valued at $4,614,000 after acquiring an additional 85,218 shares in the last quarter. Renaissance Technologies LLC raised its position in Perma-Pipe International by 39.1% during the first quarter. Renaissance Technologies LLC now owns 209,093 shares of the industrial products company’s stock valued at $6,233,000 after acquiring an additional 58,800 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in Perma-Pipe International during the first quarter valued at approximately $1,265,000. 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.