Matrix Service (NASDAQ:MTRX) Sees Significant Drop in Short Interest

Matrix Service (NASDAQ:MTRX) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 411,900 shares, a drop of 13.2% from the February 13th total of 474,600 shares. Based on an average daily trading volume, of 193,600 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.6% of the company’s stock are short sold.

Institutional Investors Weigh In On Matrix Service

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its holdings in Matrix Service by 2.7% in the fourth quarter. Rhumbline Advisers now owns 39,725 shares of the company’s stock valued at $475,000 after buying an additional 1,028 shares in the last quarter. Verition Fund Management LLC increased its stake in shares of Matrix Service by 5.8% during 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 in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Matrix Service by 3.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 40,465 shares of the company’s stock worth $485,000 after purchasing an additional 1,388 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Matrix Service by 2.9% during the third quarter. Dynamic Technology Lab Private Ltd now owns 56,498 shares of the company’s stock worth $651,000 after purchasing an additional 1,573 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Matrix Service by 18.4% during the fourth quarter. SG Americas Securities LLC now owns 11,123 shares of the company’s stock worth $133,000 after purchasing an additional 1,731 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTRX. StockNews.com lowered shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. DA Davidson lifted their price objective on shares of Matrix Service from $18.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 11th.

Matrix Service Stock Performance

MTRX traded up $0.49 during trading on Wednesday, hitting $13.35. The stock had a trading volume of 33,337 shares, compared to its average volume of 201,230. The company has a market capitalization of $368.42 million, a PE ratio of -10.94 and a beta of 1.11. Matrix Service has a twelve month low of $8.61 and a twelve month high of $15.75. The stock has a 50 day simple moving average of $13.61 and a two-hundred day simple moving average of $12.49.

Matrix Service (NASDAQ:MTRX) last announced its earnings results on Wednesday, February 5th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.02. Matrix Service had a negative net margin of 4.76% and a negative return on equity of 20.81%. On average, equities research analysts anticipate that Matrix Service will post -0.26 EPS for the current year.

Matrix Service Company Profile

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.