Matrix Service (NASDAQ:MTRX) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?

Matrix Service Company (NASDAQ:MTRX) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.32 and traded as high as $14.32. Matrix Service shares last traded at $13.95, with a volume of 142,302 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on MTRX. DA Davidson reaffirmed a “buy” rating and set a $17.00 price target on shares of Matrix Service in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Matrix Service in a report on Thursday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Matrix Service currently has a consensus rating of “Hold” and an average target price of $17.00.

Matrix Service Stock Down 0.8%

The firm has a 50 day moving average of $12.22 and a two-hundred day moving average of $13.32. The firm has a market capitalization of $392.27 million, a price-to-earnings ratio of -16.41, a price-to-earnings-growth ratio of 2.40 and a beta of 0.93.

Matrix Service (NASDAQ:MTRX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $211.88 million during the quarter, compared to analysts’ expectations of $206.66 million. Matrix Service had a negative net margin of 2.93% and a negative return on equity of 11.68%. Sell-side analysts forecast that Matrix Service Company will post -0.26 EPS for the current fiscal year.

Insider Buying and Selling at Matrix Service

In other news, insider Shawn P. Payne sold 5,231 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $11.42, for a total transaction of $59,738.02. Following the completion of the transaction, the insider directly owned 102,179 shares in the company, valued at approximately $1,166,884.18. This represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 16,500 shares of company stock worth $198,000 over the last quarter. Insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Matrix Service

A number of hedge funds and other institutional investors have recently bought and sold shares of MTRX. Azarias Capital Management L.P. raised its position in Matrix Service by 15.1% in the fourth quarter. Azarias Capital Management L.P. now owns 730,767 shares of the company’s stock valued at $8,550,000 after purchasing an additional 95,924 shares during the last quarter. Daytona Street Capital LLC bought a new position in Matrix Service in the 4th quarter valued at approximately $78,000. Country Trust Bank acquired a new stake in Matrix Service during the 4th quarter worth approximately $1,552,000. Allspring Global Investments Holdings LLC acquired a new stake in Matrix Service during the 4th quarter worth approximately $187,000. Finally, JPMorgan Chase & Co. increased its position in Matrix Service by 44.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 306,848 shares of the company’s stock valued at $4,014,000 after acquiring an additional 93,927 shares during the period. 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.