Short Interest in Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Expands By 857.1%

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) was the recipient of a significant increase in short interest in March. As of March 15th, there was short interest totalling 13,400 shares, an increase of 857.1% from the February 29th total of 1,400 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily volume of 5,700 shares, the short-interest ratio is presently 2.4 days.

Institutional Investors Weigh In On Perma-Pipe International

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in Perma-Pipe International by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 477,717 shares of the industrial products company’s stock worth $4,505,000 after purchasing an additional 4,568 shares in the last quarter. Baird Financial Group Inc. boosted its stake in Perma-Pipe International by 149.4% in the 1st quarter. Baird Financial Group Inc. now owns 148,118 shares of the industrial products company’s stock worth $1,397,000 after purchasing an additional 88,728 shares in the last quarter. Cannell Capital LLC lifted its stake in shares of Perma-Pipe International by 64.4% during the first quarter. Cannell Capital LLC now owns 45,044 shares of the industrial products company’s stock worth $425,000 after buying an additional 17,645 shares during the period. Northern Trust Corp acquired a new stake in Perma-Pipe International during the 2nd quarter worth about $115,000. Finally, Renaissance Technologies LLC increased its holdings in Perma-Pipe International by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 225,693 shares of the industrial products company’s stock worth $2,031,000 after buying an additional 2,901 shares during the period. Hedge funds and other institutional investors own 28.43% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, TheStreet raised Perma-Pipe International from a “c+” rating to a “b-” rating in a research note on Friday, January 19th.

Perma-Pipe International Price Performance

Shares of Perma-Pipe International stock traded down $0.15 during trading hours on Thursday, reaching $7.90. The company’s stock had a trading volume of 1,044 shares, compared to its average volume of 5,469. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.65 and a quick ratio of 1.37. Perma-Pipe International has a one year low of $6.17 and a one year high of $11.19. The firm has a 50 day moving average price of $8.03 and a 200-day moving average price of $7.64. The stock has a market cap of $63.67 million, a P/E ratio of 12.95 and a beta of 0.28.

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.