Profire Energy, Inc. (NASDAQ:PFIE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “Profire Energy, Inc. manufactures, installs and services oilfield combustion management systems and related burner products. The Company’s products aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. Its products include Profire 2100 and the Profire 1100, Profire 1100i and fuel-trains or valve-trains, which comprise piping, valves, and controls related to the process of providing fuel to burners, as well as having safety controllers to monitor operations. Profire Energy, Inc. is based in Lindon, Utah. “

Separately, Chardan Capital reaffirmed a “buy” rating and issued a $2.15 target price (up from $2.00) on shares of Profire Energy in a research report on Monday, March 13th.

Profire Energy (NASDAQ:PFIE) opened at 1.24 on Friday. The firm has a market capitalization of $62.27 million, a PE ratio of 56.36 and a beta of 1.68. Profire Energy has a 52-week low of $1.08 and a 52-week high of $1.72. The stock’s 50 day moving average price is $1.36 and its 200 day moving average price is $1.34.

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In other Profire Energy news, CEO Brenton W. Hatch sold 57,264 shares of Profire Energy stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $1.33, for a total transaction of $76,161.12. Following the completion of the transaction, the chief executive officer now owns 14,050,000 shares in the company, valued at approximately $18,686,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harold Albert sold 29,315 shares of Profire Energy stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $1.46, for a total value of $42,799.90. Following the transaction, the director now owns 11,133,040 shares of the company’s stock, valued at approximately $16,254,238.40. The disclosure for this sale can be found here. Insiders sold a total of 381,022 shares of company stock valued at $510,819 over the last ninety days. 58.70% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its position in Profire Energy by 49.4% in the fourth quarter. Renaissance Technologies LLC now owns 314,000 shares of the oil and gas company’s stock worth $433,000 after buying an additional 103,800 shares during the period. Ladenburg Thalmann Financial Services Inc. acquired a new position in shares of Profire Energy during the fourth quarter worth $187,000. Perkins Capital Management Inc. increased its position in shares of Profire Energy by 37.4% in the first quarter. Perkins Capital Management Inc. now owns 525,606 shares of the oil and gas company’s stock worth $741,000 after buying an additional 143,125 shares during the last quarter. Beck Mack & Oliver LLC acquired a new position in shares of Profire Energy during the first quarter worth $494,000. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of Profire Energy during the first quarter worth $972,000. Institutional investors and hedge funds own 19.91% of the company’s stock.

Profire Energy Company Profile

Profire Energy, Inc is an oilfield technology company. The Company is primarily engaged in the business of developing combustion management technologies for the oil and gas industry. It specializes in the creation of burner-management systems, used on a range of oilfield natural-draft fire tube vessels.

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