Matrix Service (NASDAQ:MTRX) Short Interest Down 16.8% in October

Matrix Service (NASDAQ:MTRX) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 702,000 shares, a decrease of 16.8% from the October 15th total of 843,900 shares. Based on an average trading volume of 173,200 shares, the days-to-cover ratio is presently 4.1 days. Approximately 2.7% of the shares of the stock are sold short.

Matrix Service Stock Performance

MTRX traded down $0.30 during midday trading on Friday, hitting $12.52. The stock had a trading volume of 86,221 shares, compared to its average volume of 217,717. Matrix Service has a 1 year low of $8.61 and a 1 year high of $13.90. The business has a fifty day moving average of $11.48 and a 200 day moving average of $10.69. The company has a market cap of $345.05 million, a P/E ratio of -11.18 and a beta of 1.25.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.01). The business had revenue of $165.58 million during the quarter, compared to analysts’ expectations of $183.90 million. Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.56%. During the same period last year, the company posted ($0.21) EPS. On average, equities research analysts anticipate that Matrix Service will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MTRX. Verition Fund Management LLC grew its holdings in shares of Matrix Service by 5.8% in the third quarter. Verition Fund Management LLC now owns 22,639 shares of the company’s stock worth $261,000 after purchasing an additional 1,239 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its holdings 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 acquiring an additional 1,573 shares during the last quarter. Keene & Associates Inc. increased its position in shares of Matrix Service by 4.3% in the second quarter. Keene & Associates Inc. now owns 54,055 shares of the company’s stock valued at $537,000 after acquiring an additional 2,206 shares during the period. Victory Capital Management Inc. raised its stake in shares of Matrix Service by 4.3% during the second quarter. Victory Capital Management Inc. now owns 69,600 shares of the company’s stock valued at $691,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Matrix Service by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company’s stock worth $11,644,000 after purchasing an additional 3,215 shares during the period. 78.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. DA Davidson reaffirmed a “buy” rating and issued a $18.00 target price on shares of Matrix Service in a research note on Thursday, September 26th. StockNews.com lowered shares of Matrix Service from a “buy” rating to a “hold” rating in a report on Friday, November 8th.

About Matrix Service

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.