Short Interest in Matrix Service (NASDAQ:MTRX) Decreases By 16.8%

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

Analysts Set New Price Targets

Several research firms have weighed in on MTRX. StockNews.com cut Matrix Service from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. DA Davidson reiterated a “buy” rating and set a $18.00 target price on shares of Matrix Service in a research report on Thursday, September 26th.

Matrix Service Stock Performance

Shares of NASDAQ MTRX traded down $0.30 during midday trading on Friday, hitting $12.52. 86,221 shares of the stock traded hands, compared to its average volume of 217,717. The business has a 50 day moving average price of $11.48 and a two-hundred day moving average price of $10.69. The company has a market cap of $345.05 million, a PE ratio of -11.18 and a beta of 1.25. Matrix Service has a one year low of $8.61 and a one year high of $13.90.

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

Institutional Investors Weigh In On Matrix Service

Large investors have recently added to or reduced their stakes in the company. Harvey Partners LLC lifted its position in shares of Matrix Service by 8.2% during the third quarter. Harvey Partners LLC now owns 1,515,000 shares of the company’s stock worth $17,468,000 after acquiring an additional 115,000 shares in the last quarter. Needham Investment Management LLC lifted its holdings in shares of Matrix Service by 38.5% in the third quarter. Needham Investment Management LLC now owns 1,420,000 shares of the company’s stock worth $16,373,000 after buying an additional 395,000 shares in the last quarter. Azarias Capital Management L.P. boosted its position in shares of Matrix Service by 28.5% in the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock valued at $12,643,000 after acquiring an additional 282,086 shares during the period. Vanguard Group Inc. grew its stake in Matrix Service by 1.0% during the first quarter. Vanguard Group Inc. now owns 1,223,781 shares of the company’s stock valued at $15,946,000 after acquiring an additional 11,587 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Matrix Service by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company’s stock worth $11,644,000 after acquiring an additional 3,215 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

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.