Perma-Pipe International Holdings Inc (NASDAQ:PPIH) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 5,700 shares, an increase of 26.7% from the May 15th total of 4,500 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 15,100 shares, the short-interest ratio is currently 0.4 days.
Several institutional investors have recently made changes to their positions in PPIH. Cannell Capital LLC increased its stake in shares of Perma-Pipe International by 16.8% during the fourth quarter. Cannell Capital LLC now owns 699,207 shares of the industrial products company’s stock valued at $6,118,000 after buying an additional 100,596 shares during the period. Wedbush Securities Inc. increased its stake in shares of Perma-Pipe International by 8.9% during the first quarter. Wedbush Securities Inc. now owns 315,310 shares of the industrial products company’s stock valued at $2,772,000 after buying an additional 25,666 shares during the period. Finally, Shufro Rose & Co. LLC increased its stake in shares of Perma-Pipe International by 35.7% during the first quarter. Shufro Rose & Co. LLC now owns 26,591 shares of the industrial products company’s stock valued at $234,000 after buying an additional 7,000 shares during the period. Hedge funds and other institutional investors own 40.07% of the company’s stock.
Shares of Perma-Pipe International stock traded down $0.01 during trading on Thursday, hitting $9.00. 14,300 shares of the stock traded hands, compared to its average volume of 13,685. The company has a current ratio of 1.67, a quick ratio of 1.20 and a debt-to-equity ratio of 0.31. Perma-Pipe International has a 52-week low of $8.31 and a 52-week high of $9.70. The firm’s fifty day moving average is $9.11.
About Perma-Pipe International
Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. The company 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/or insulation of oil and gas gathering and transmission pipelines.
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