Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Sees Significant Decline in Short Interest

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 32,000 shares, a decline of 16.2% from the August 31st total of 38,200 shares. Currently, 0.5% of the company’s shares are sold short. Based on an average daily volume of 22,200 shares, the days-to-cover ratio is currently 1.4 days.

Hedge Funds Weigh In On Perma-Pipe International

A number of hedge funds have recently made changes to their positions in PPIH. Dimensional Fund Advisors LP increased its holdings in Perma-Pipe International by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 447,168 shares of the industrial products company’s stock valued at $3,980,000 after purchasing an additional 4,309 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Perma-Pipe International by 0.8% in the first quarter. Vanguard Group Inc. now owns 319,445 shares of the industrial products company’s stock valued at $2,524,000 after buying an additional 2,576 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Perma-Pipe International by 1.8% during the 2nd quarter. Renaissance Technologies LLC now owns 173,412 shares of the industrial products company’s stock valued at $1,543,000 after buying an additional 3,119 shares during the period. Finally, Arlington Financial Advisors LLC acquired a new position in Perma-Pipe International during the 1st quarter worth approximately $118,000. Hedge funds and other institutional investors own 28.43% of the company’s stock.

Perma-Pipe International Trading Down 4.4 %

NASDAQ PPIH opened at $11.65 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.50 and a current ratio of 1.78. Perma-Pipe International has a one year low of $6.17 and a one year high of $13.44. The company’s 50 day moving average price is $10.26 and its 200 day moving average price is $9.09. The firm has a market capitalization of $93.41 million, a price-to-earnings ratio of 7.15 and a beta of 0.26.

Perma-Pipe International Company Profile

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.