Matrix Service (NASDAQ:MTRX) Shares Cross Above 200 Day Moving Average – Here’s Why

Matrix Service Company (NASDAQ:MTRX)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.37 and traded as high as $13.02. Matrix Service shares last traded at $12.45, with a volume of 172,131 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Matrix Service in a research report on Tuesday, April 21st. One equities research 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Matrix Service Stock Performance

The firm has a fifty day simple moving average of $13.13 and a 200-day simple moving average of $12.38. The firm has a market cap of $358.66 million, a price-to-earnings ratio of -24.06, a P/E/G ratio of 1.00 and a beta of 0.98.

Matrix Service (NASDAQ:MTRX) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. The firm had revenue of $206.71 million for the quarter, compared to the consensus estimate of $231.52 million. Matrix Service had a negative net margin of 1.77% and a negative return on equity of 3.60%. Analysts expect that Matrix Service Company will post 0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Matrix Service

Institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in shares of Matrix Service during the third quarter worth approximately $28,000. BNP Paribas Financial Markets lifted its holdings in Matrix Service by 68.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,530 shares of the company’s stock worth $34,000 after purchasing an additional 1,032 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Matrix Service by 133.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,307 shares of the company’s stock valued at $45,000 after purchasing an additional 1,893 shares during the period. Aquatic Capital Management LLC bought a new stake in Matrix Service in the 3rd quarter valued at $67,000. Finally, Daytona Street Capital LLC acquired a new position in Matrix Service in the 4th quarter valued at $78,000. 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.