Perimeter Solutions (NYSE:PRM) Trading Up 10.7% After Analyst Upgrade

Perimeter Solutions, SA (NYSE:PRM) shares rose 10.7% during trading on Tuesday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $30.00 price target on the stock. Perimeter Solutions traded as high as $23.95 and last traded at $23.56. Approximately 222,496 shares changed hands during trading, a decline of 77% from the average daily volume of 981,037 shares. The stock had previously closed at $21.28.

Several other equities analysts have also recently issued reports on the company. Zacks Research cut Perimeter Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 17th. Weiss Ratings lowered shares of Perimeter Solutions from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, March 2nd. Finally, Morgan Stanley set a $35.00 target price on shares of Perimeter Solutions in a report on Monday, December 15th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $32.50.

Insider Buying and Selling

In other Perimeter Solutions news, Director William N. Thorndike, Jr. sold 125,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $23.37, for a total value of $2,921,250.00. Following the sale, the director directly owned 8,735,656 shares in the company, valued at $204,152,280.72. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 450,000 shares of company stock valued at $10,722,750 over the last 90 days. Corporate insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Perimeter Solutions

Several hedge funds and other institutional investors have recently made changes to their positions in PRM. Nordea Investment Management AB increased its stake in Perimeter Solutions by 3.2% in the third quarter. Nordea Investment Management AB now owns 555,662 shares of the company’s stock valued at $12,102,000 after purchasing an additional 17,295 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Perimeter Solutions by 52,387.7% in the 3rd quarter. Federated Hermes Inc. now owns 298,130 shares of the company’s stock valued at $6,675,000 after buying an additional 297,562 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Perimeter Solutions by 27.4% in the 2nd quarter. Franklin Resources Inc. now owns 226,037 shares of the company’s stock valued at $3,146,000 after buying an additional 48,642 shares in the last quarter. Tudor Investment Corp ET AL grew its position in shares of Perimeter Solutions by 395.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 144,893 shares of the company’s stock valued at $3,244,000 after buying an additional 115,653 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Perimeter Solutions by 57.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,417,351 shares of the company’s stock worth $19,730,000 after acquiring an additional 518,875 shares in the last quarter. Institutional investors and hedge funds own 89.93% of the company’s stock.

Perimeter Solutions Price Performance

The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -16.59 and a beta of 1.98. The company has a current ratio of 3.22, a quick ratio of 2.42 and a debt-to-equity ratio of 0.60. The company’s 50 day moving average is $24.90 and its 200 day moving average is $25.15.

Perimeter Solutions (NYSE:PRM) last released its quarterly earnings data on Friday, February 27th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.04. The company had revenue of $102.75 million during the quarter, compared to the consensus estimate of $94.05 million. Perimeter Solutions had a negative net margin of 31.61% and a positive return on equity of 17.82%. Research analysts anticipate that Perimeter Solutions, SA will post 0.71 EPS for the current fiscal year.

Perimeter Solutions Company Profile

Perimeter Solutions Ltd. (NYSE: PRM) is a global specialty chemicals company focused on delivering performance-driven solutions for the oil and gas, coatings, plastics, water treatment and packaging markets. Established as an independent publicly traded company in December 2019 following its spin-off from NewMarket Corporation, Perimeter Solutions has positioned itself as a leading provider of highly engineered chemical products designed to optimize upstream oil recovery, protect infrastructure and enhance the performance of industrial processes.

The company’s core product portfolio spans several key segments.