Perma-Pipe International (NASDAQ:PPIH) Stock Price Passes Below 200 Day Moving Average – Here’s What Happened

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH)’s share price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $30.97 and traded as low as $27.02. Perma-Pipe International shares last traded at $27.30, with a volume of 97,463 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PPIH. Wall Street Zen downgraded Perma-Pipe International from a “strong-buy” rating to a “hold” rating in a research report on Saturday, April 18th. Weiss Ratings cut 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $36.00.

Perma-Pipe International Stock Performance

The firm’s fifty day simple moving average is $30.73 and its 200 day simple moving average is $30.97. The company has a market capitalization of $221.95 million, a price-to-earnings ratio of 16.15 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.31 and a quick ratio of 2.02.

Perma-Pipe International (NASDAQ:PPIH) last released its earnings results on Tuesday, June 9th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.26). Perma-Pipe International had a return on equity of 15.92% and a net margin of 6.47%.The firm had revenue of $50.27 million during the quarter, compared to analysts’ expectations of $54.00 million.

Institutional Trading of Perma-Pipe International

Several large investors have recently added to or reduced their stakes in PPIH. Bank of America Corp DE lifted its holdings in shares of Perma-Pipe International by 1,730.8% in the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 1,125 shares in the last quarter. Global Trust Asset Management LLC purchased a new position in shares of Perma-Pipe International during the first quarter valued at $44,000. State of Wyoming grew its holdings in shares of Perma-Pipe International by 59.7% during the fourth quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock valued at $64,000 after buying an additional 786 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Perma-Pipe International during the third quarter valued at $208,000. Finally, Quadrature Capital Ltd acquired a new position in Perma-Pipe International during the fourth quarter valued at $212,000. 28.43% of the stock is owned by institutional investors and hedge funds.

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.