Perma-Pipe International (NASDAQ:PPIH) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $28.65 and traded as high as $30.13. Perma-Pipe International shares last traded at $29.81, with a volume of 72,159 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have commented on PPIH. Wall Street Zen upgraded Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Weiss Ratings upgraded Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Finally, Loop Capital set a $36.00 price objective on Perma-Pipe International in a research report on Tuesday, December 16th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Perma-Pipe International currently has an average rating of “Buy” and a consensus target price of $36.00.

Perma-Pipe International Price Performance

The company has a quick ratio of 1.53, a current ratio of 1.76 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $30.63 and its two-hundred day moving average price is $28.65. The stock has a market capitalization of $241.16 million, a PE ratio of 17.54 and a beta of 0.49.

Hedge Funds Weigh In On Perma-Pipe International

Several large investors have recently made changes to their positions in the business. Invesco Ltd. bought a new position in shares of Perma-Pipe International during the 4th quarter valued at about $2,914,000. Royce & Associates LP bought a new stake in shares of Perma-Pipe International in the third quarter worth about $2,146,000. 683 Capital Management LLC purchased a new stake in shares of Perma-Pipe International in the fourth quarter worth about $1,122,000. Russell Investments Group Ltd. purchased a new stake in shares of Perma-Pipe International in the third quarter worth about $805,000. Finally, Millennium Management LLC boosted its stake in Perma-Pipe International by 265.1% during the fourth quarter. Millennium Management LLC now owns 42,780 shares of the industrial products company’s stock valued at $1,299,000 after buying an additional 31,064 shares during the last quarter. 28.43% of the stock is currently owned by hedge funds and other 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.