Perma-Pipe International (NASDAQ:PPIH) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.69 and traded as high as $32.49. Perma-Pipe International shares last traded at $32.37, with a volume of 116,344 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PPIH. Weiss Ratings upgraded shares of Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Loop Capital set a $36.00 price target on Perma-Pipe International in a research report on Tuesday, December 16th. Finally, Wall Street Zen upgraded Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a research note on Saturday, December 13th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $36.00.

Perma-Pipe International Stock Performance

The company’s fifty day simple moving average is $31.61 and its two-hundred day simple moving average is $28.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.53 and a current ratio of 1.76. The stock has a market capitalization of $261.87 million, a P/E ratio of 19.04 and a beta of 0.51.

Perma-Pipe International (NASDAQ:PPIH) last posted its earnings results on Friday, December 12th. The industrial products company reported $0.77 EPS for the quarter. The company had revenue of $61.15 million for the quarter. Perma-Pipe International had a return on equity of 18.12% and a net margin of 6.91%.

Institutional Investors Weigh In On Perma-Pipe International

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE increased its position in Perma-Pipe International by 1,730.8% during the second quarter. Bank of America Corp DE now owns 1,190 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 1,125 shares during the period. State of Wyoming grew its position in shares of Perma-Pipe International by 59.7% during the 4th quarter. State of Wyoming now owns 2,102 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 786 shares in the last quarter. U S Global Investors Inc. increased its holdings in shares of Perma-Pipe International by 400.0% during the third quarter. U S Global Investors Inc. now owns 5,000 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 4,000 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Perma-Pipe International in the fourth quarter valued at approximately $212,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Perma-Pipe International in the fourth quarter valued at approximately $234,000. Institutional investors and hedge funds own 28.43% of the company’s stock.

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.