Perma-Pipe International (NASDAQ:PPIH) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.84 and traded as high as $28.87. Perma-Pipe International shares last traded at $28.11, with a volume of 62,925 shares traded.

Analysts Set New Price Targets

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

Perma-Pipe International Stock Up 0.3%

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.76 and a quick ratio of 1.53. The stock’s 50 day simple moving average is $31.26 and its two-hundred day simple moving average is $28.84. The firm has a market cap of $227.41 million, a P/E ratio of 16.54 and a beta of 0.49.

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

Hedge Funds Weigh In On Perma-Pipe International

A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in shares of Perma-Pipe International by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 478,988 shares of the industrial products company’s stock valued at $11,222,000 after buying an additional 2,463 shares in the last quarter. Vanguard Group Inc. grew its position in Perma-Pipe International by 4.7% in the third quarter. Vanguard Group Inc. now owns 350,705 shares of the industrial products company’s stock worth $8,217,000 after acquiring an additional 15,668 shares in the last quarter. Royce & Associates LP lifted its position in Perma-Pipe International by 62.9% in the fourth quarter. Royce & Associates LP now owns 149,253 shares of the industrial products company’s stock worth $4,531,000 after buying an additional 57,655 shares during the last quarter. Cannell Capital LLC grew its holdings in Perma-Pipe International by 29.0% during the 3rd quarter. Cannell Capital LLC now owns 121,170 shares of the industrial products company’s stock valued at $2,839,000 after purchasing an additional 27,259 shares during the last quarter. Finally, Invesco Ltd. bought a new position in Perma-Pipe International in the 4th quarter valued at $2,914,000. 28.43% of the stock is owned by institutional investors.

About Perma-Pipe International

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.