Matrix Service (NASDAQ:MTRX) Stock Crosses Above 200 Day Moving Average – What’s Next?

Matrix Service Company (NASDAQ:MTRX)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.03 and traded as high as $13.30. Matrix Service shares last traded at $13.23, with a volume of 234,385 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MTRX. Northland Securities set a $24.00 price target on shares of Matrix Service in a report on Wednesday, February 11th. DA Davidson reiterated a “buy” rating and set a $17.00 price target on shares of Matrix Service in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Matrix Service in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Matrix Service Price Performance

The company has a market cap of $372.16 million, a price-to-earnings ratio of -24.96, a price-to-earnings-growth ratio of 2.86 and a beta of 1.02. The business’s fifty day moving average price is $12.12 and its 200 day moving average price is $12.03.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. The company had revenue of $206.71 million for the quarter, compared to analyst estimates of $231.52 million. Matrix Service had a negative net margin of 1.77% and a negative return on equity of 3.60%. As a group, equities research analysts anticipate that Matrix Service Company will post 0.25 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John R. Hewitt sold 36,000 shares of Matrix Service stock in a transaction on Friday, May 8th. The shares were sold at an average price of $12.50, for a total transaction of $450,000.00. Following the completion of the transaction, the chief executive officer owned 581,806 shares of the company’s stock, valued at $7,272,575. This trade represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Matrix Service

A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Matrix Service by 69.9% during the first quarter. Bank of America Corp DE now owns 42,223 shares of the company’s stock worth $485,000 after buying an additional 17,376 shares during the last quarter. Royal Bank of Canada raised its stake in Matrix Service by 249.0% during the first quarter. Royal Bank of Canada now owns 100,697 shares of the company’s stock worth $1,156,000 after buying an additional 71,841 shares during the last quarter. Renaissance Technologies LLC raised its stake in Matrix Service by 2.1% during the first quarter. Renaissance Technologies LLC now owns 255,800 shares of the company’s stock worth $2,937,000 after buying an additional 5,200 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Matrix Service by 31.5% during the first quarter. Public Employees Retirement System of Ohio now owns 36,109 shares of the company’s stock worth $415,000 after buying an additional 8,655 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in Matrix Service during the first quarter worth $277,000. Institutional investors own 78.38% of the company’s stock.

About Matrix Service

Matrix Service Company (NASDAQ: MTRX) is a provider of engineered construction, fabrication and maintenance services to the energy, industrial and power markets. The firm offers a full suite of engineering, procurement and construction (EPC) solutions for clients in the oil and gas, petrochemical, refining, mining, fertilizer and power generation industries. Its capabilities span from front-end engineering design through plant commissioning, with specializations in modular process skid fabrication, structural steel erection and complex piping systems.

The company’s service portfolio includes onshore and offshore pipe fabrication, equipment setting, industrial maintenance and shutdown services, electrical and instrumentation installation, and skid-mount and modular construction.