Perimeter Solutions (NYSE:PRM) Reaches New 52-Week High – Time to Buy?

Shares of Perimeter Solutions, SA (NYSE:PRM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $36.95 and last traded at $36.3640, with a volume of 1438440 shares changing hands. The stock had previously closed at $36.36.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. CJS Securities initiated coverage on Perimeter Solutions in a research report on Tuesday, June 9th. They set a “market outperform” rating and a $48.00 target price for the company. Wall Street Zen raised shares of Perimeter Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. UBS Group boosted their target price on shares of Perimeter Solutions from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Morgan Stanley increased their target price on shares of Perimeter Solutions from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, Zacks Research raised shares of Perimeter Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.67.

Perimeter Solutions Price Performance

The firm has a 50 day moving average price of $30.67 and a two-hundred day moving average price of $27.82. The company has a market cap of $5.93 billion, a P/E ratio of -27.14 and a beta of 1.92. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.61 and a current ratio of 3.09.

Perimeter Solutions (NYSE:PRM) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. The business had revenue of $125.07 million for the quarter, compared to analysts’ expectations of $121.80 million. Perimeter Solutions had a positive return on equity of 18.29% and a negative net margin of 26.93%. On average, analysts predict that Perimeter Solutions, SA will post 1.78 EPS for the current fiscal year.

Insider Activity

In related news, CEO Haitham Khouri sold 117,511 shares of Perimeter Solutions stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $31.19, for a total value of $3,665,168.09. Following the completion of the transaction, the chief executive officer directly owned 1,874,615 shares in the company, valued at approximately $58,469,241.85. The trade was a 5.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kyle Sable sold 49,540 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $33.09, for a total transaction of $1,639,278.60. Following the sale, the chief financial officer directly owned 49,540 shares in the company, valued at $1,639,278.60. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 679,535 shares of company stock valued at $21,846,411 over the last quarter. Company insiders own 13.10% of the company’s stock.

Hedge Funds Weigh In On Perimeter Solutions

Several hedge funds have recently made changes to their positions in PRM. Bank of America Corp DE raised its stake in shares of Perimeter Solutions by 4.8% during the 1st quarter. Bank of America Corp DE now owns 1,738,095 shares of the company’s stock valued at $42,444,000 after purchasing an additional 79,083 shares during the period. Janus Henderson Group PLC grew its holdings in Perimeter Solutions by 8.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,007,536 shares of the company’s stock valued at $97,863,000 after buying an additional 315,763 shares in the last quarter. Amundi bought a new stake in shares of Perimeter Solutions during the first quarter valued at about $482,000. EverSource Wealth Advisors LLC increased its position in shares of Perimeter Solutions by 20.0% during the first quarter. EverSource Wealth Advisors LLC now owns 2,295 shares of the company’s stock valued at $56,000 after buying an additional 383 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in shares of Perimeter Solutions by 24.2% in the first quarter. California State Teachers Retirement System now owns 164,346 shares of the company’s stock worth $4,013,000 after buying an additional 32,073 shares in the last quarter. 89.93% of the stock is currently owned by hedge funds and other institutional investors.

Perimeter Solutions Company Profile

Perimeter Solutions Ltd. (NYSE: PRM) is a global specialty chemicals company focused on delivering performance-driven solutions for the oil and gas, coatings, plastics, water treatment and packaging markets. Established as an independent publicly traded company in December 2019 following its spin-off from NewMarket Corporation, Perimeter Solutions has positioned itself as a leading provider of highly engineered chemical products designed to optimize upstream oil recovery, protect infrastructure and enhance the performance of industrial processes.

The company’s core product portfolio spans several key segments.