Short Interest in Profire Energy, Inc. (NASDAQ:PFIE) Drops By 24.0%

Profire Energy, Inc. (NASDAQ:PFIE) was the recipient of a significant drop in short interest in December. As of December 15th, there was short interest totalling 81,900 shares, a drop of 24.0% from the November 30th total of 107,800 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 798,100 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Trading of Profire Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFIE. Perritt Capital Management Inc lifted its holdings in shares of Profire Energy by 4.6% during the second quarter. Perritt Capital Management Inc now owns 335,800 shares of the oil and gas company’s stock worth $477,000 after purchasing an additional 14,720 shares during the period. Royce & Associates LP lifted its position in shares of Profire Energy by 1.0% during the third quarter. Royce & Associates LP now owns 2,032,361 shares of the oil and gas company’s stock worth $3,414,000 after purchasing an additional 20,000 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Profire Energy during the third quarter worth about $46,000. Jane Street Group LLC lifted its position in Profire Energy by 359.3% in the third quarter. Jane Street Group LLC now owns 48,870 shares of the oil and gas company’s stock valued at $82,000 after acquiring an additional 38,230 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC increased its holdings in shares of Profire Energy by 5.6% in the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 1,739,715 shares of the oil and gas company’s stock valued at $2,470,000 after acquiring an additional 91,941 shares during the period. 38.51% of the stock is owned by hedge funds and other institutional investors.

Profire Energy Stock Performance

PFIE remained flat at $2.55 on Friday. The company had a trading volume of 94,553 shares, compared to its average volume of 354,307. The company has a market capitalization of $117.81 million, a price-to-earnings ratio of 14.17 and a beta of 0.45. Profire Energy has a 52 week low of $1.33 and a 52 week high of $2.55. The firm has a 50 day simple moving average of $2.42 and a 200 day simple moving average of $1.87.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. StockNews.com initiated coverage on shares of Profire Energy in a report on Thursday. They issued a “buy” rating on the stock. Lake Street Capital reissued a “hold” rating and issued a $2.55 target price on shares of Profire Energy in a report on Wednesday, October 30th.

About Profire Energy

Profire Energy, Inc, a technology company, engages in the engineering and design of burner, and combustion management systems and solutions for natural and forced draft applications in the United States and Canada. It primarily focuses on the upstream, midstream, and downstream transmission segments of the oil and gas industry.