Perma-Pipe International (NASDAQ:PPIH) Shares Pass 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 Thursday . The stock has a 200-day moving average of $30.54 and traded as high as $32.25. Perma-Pipe International shares last traded at $31.88, with a volume of 70,511 shares.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PPIH. Wall Street Zen downgraded Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a report on Saturday, April 18th. Weiss Ratings downgraded Perma-Pipe International from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, Perma-Pipe International has an average rating of “Hold” and a consensus target price of $36.00.

Perma-Pipe International Price Performance

The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $249.20 million, a PE ratio of 14.75 and a beta of 0.58. The company has a fifty day moving average price of $31.61 and a two-hundred day moving average price of $30.54.

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

Institutional Trading of Perma-Pipe International

Institutional investors and hedge funds have recently made changes to their positions in the company. Royce & Associates LP purchased a new stake in shares of Perma-Pipe International in the 3rd quarter valued at about $2,146,000. JPMorgan Chase & Co. lifted its holdings in shares of Perma-Pipe International by 1,595.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 30,419 shares of the industrial products company’s stock valued at $713,000 after purchasing an additional 28,625 shares during the last quarter. Cannell Capital LLC lifted its holdings in shares of Perma-Pipe International by 29.0% in the 3rd quarter. Cannell Capital LLC now owns 121,170 shares of the industrial products company’s stock valued at $2,839,000 after purchasing an additional 27,259 shares during the last quarter. Evernest Financial Advisors LLC purchased a new stake in shares of Perma-Pipe International in the 3rd quarter valued at about $389,000. Finally, Ritholtz Wealth Management lifted its holdings in shares of Perma-Pipe International by 3.8% in the 4th quarter. Ritholtz Wealth Management now owns 18,907 shares of the industrial products company’s stock valued at $574,000 after purchasing an additional 687 shares during the last quarter. 28.43% of the stock is owned by hedge funds and other institutional investors.

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.