Short Interest in Matrix Service (NASDAQ:MTRX) Declines By 13.2%

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

Institutional Trading of Matrix Service

Hedge funds have recently bought and sold shares of the stock. Needham Investment Management LLC lifted its holdings in shares of Matrix Service by 38.5% in the 3rd quarter. Needham Investment Management LLC now owns 1,420,000 shares of the company’s stock valued at $16,373,000 after acquiring an additional 395,000 shares during the last quarter. ACK Asset Management LLC boosted its holdings in shares of Matrix Service by 47.3% in the 4th quarter. ACK Asset Management LLC now owns 1,179,901 shares of the company’s stock worth $14,123,000 after purchasing an additional 378,901 shares during the period. American Century Companies Inc. increased its position in shares of Matrix Service by 523.3% during the 4th quarter. American Century Companies Inc. now owns 294,889 shares of the company’s stock valued at $3,530,000 after purchasing an additional 247,578 shares during the last quarter. Portolan Capital Management LLC increased its position in shares of Matrix Service by 34.3% during the 3rd quarter. Portolan Capital Management LLC now owns 509,059 shares of the company’s stock valued at $5,869,000 after purchasing an additional 129,989 shares during the last quarter. Finally, Harvey Partners LLC raised its holdings in Matrix Service by 8.2% during the 3rd quarter. Harvey Partners LLC now owns 1,515,000 shares of the company’s stock valued at $17,468,000 after buying an additional 115,000 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MTRX shares. DA Davidson upped their target price on shares of Matrix Service from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. StockNews.com downgraded shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th.

Matrix Service Stock Down 3.2 %

MTRX stock traded down $0.43 during mid-day trading on Thursday, hitting $13.03. The company had a trading volume of 106,624 shares, compared to its average volume of 201,620. The company has a market capitalization of $359.72 million, a price-to-earnings ratio of -10.75 and a beta of 1.11. Matrix Service has a 12-month low of $8.61 and a 12-month high of $15.75. The company has a 50-day moving average price of $13.62 and a 200 day moving average price of $12.50.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.20) EPS for the quarter, topping 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%. As a group, analysts expect 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.