Short Interest in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Drops By 71.1%

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totaling 20,400 shares, adeclineof71.1% from the July 15th total of 70,500 shares. Based on an average trading volume of 54,200 shares, the days-to-cover ratio is currently 0.4 days. Approximately0.3% of the company’s shares are sold short. Approximately0.3% of the company’s shares are sold short. Based on an average trading volume of 54,200 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Perma-Pipe International from a “buy” rating to a “strong-buy” rating in a research report on Sunday, June 22nd.

Perma-Pipe International Stock Up 1.2%

Shares of Perma-Pipe International stock opened at $27.37 on Monday. Perma-Pipe International has a 1 year low of $8.23 and a 1 year high of $28.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.95 and a quick ratio of 1.72. The stock has a market cap of $218.40 million, a price-to-earnings ratio of 17.77 and a beta of 0.46. The firm’s 50-day moving average is $22.85 and its two-hundred day moving average is $16.58.

Perma-Pipe International (NASDAQ:PPIH) last announced its earnings results on Friday, June 13th. The industrial products company reported $0.61 earnings per share (EPS) for the quarter. Perma-Pipe International had a return on equity of 17.84% and a net margin of 7.31%. The company had revenue of $46.75 million for the quarter.

Hedge Funds Weigh In On Perma-Pipe International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new position in Perma-Pipe International during the 4th quarter worth approximately $178,000. Citadel Advisors LLC grew its stake in shares of Perma-Pipe International by 116.2% during the 4th quarter. Citadel Advisors LLC now owns 23,886 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 12,836 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Perma-Pipe International in the 4th quarter valued at $477,000. Bridgeway Capital Management LLC increased its holdings in Perma-Pipe International by 22.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 101,575 shares of the industrial products company’s stock valued at $1,519,000 after buying an additional 18,475 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Perma-Pipe International in the fourth quarter worth about $77,000. Hedge funds and other institutional investors own 28.43% of the company’s stock.

About Perma-Pipe International

Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines.