Matrix Service (NASDAQ:MTRX) Sees Significant Drop in Short Interest

Matrix Service (NASDAQ:MTRX) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 411,900 shares, a drop of 13.2% from the February 13th total of 474,600 shares. Based on an average daily trading volume, of 193,600 shares, the short-interest ratio is currently 2.1 days. Approximately 1.6% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. raised its position in Matrix Service by 4.3% in the 3rd quarter. Victory Capital Management Inc. now owns 72,587 shares of the company’s stock worth $837,000 after purchasing an additional 2,987 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Matrix Service by 44.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 166,302 shares of the company’s stock worth $1,917,000 after purchasing an additional 51,433 shares during the period. Dynamic Technology Lab Private Ltd raised its position in Matrix Service by 2.9% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 56,498 shares of the company’s stock worth $651,000 after purchasing an additional 1,573 shares during the period. BNP Paribas Financial Markets raised its position in Matrix Service by 112.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock worth $106,000 after purchasing an additional 4,860 shares during the period. Finally, MetLife Investment Management LLC increased its position in shares of Matrix Service by 129.1% during the third quarter. MetLife Investment Management LLC now owns 15,519 shares of the company’s stock worth $179,000 after acquiring an additional 8,744 shares during the period. Institutional investors own 78.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MTRX shares. DA Davidson lifted their price objective on Matrix Service from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. StockNews.com downgraded Matrix Service from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th.

Matrix Service Trading Up 3.8 %

Matrix Service stock traded up $0.49 during trading hours on Wednesday, hitting $13.35. 33,337 shares of the stock traded hands, compared to its average volume of 201,230. The company has a market cap of $368.42 million, a PE ratio of -10.94 and a beta of 1.11. Matrix Service has a one year low of $8.61 and a one year high of $15.75. The firm’s 50-day moving average price is $13.61 and its two-hundred day moving average price is $12.49.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.02. Matrix Service had a negative return on equity of 20.81% and a negative net margin of 4.76%. On average, sell-side analysts expect that Matrix Service will post -0.26 earnings per share for the current fiscal year.

Matrix Service Company Profile

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. It operates through three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions.