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

Matrix Service (NASDAQ:MTRX) was the recipient of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 474,600 shares, an increase of 32.9% from the January 31st total of 357,100 shares. Based on an average daily trading volume, of 173,500 shares, the days-to-cover ratio is currently 2.7 days. Approximately 1.8% of the shares of the stock are short sold.

Matrix Service Stock Down 1.7 %

Shares of MTRX stock traded down $0.20 during mid-day trading on Tuesday, hitting $11.86. 259,237 shares of the company’s stock were exchanged, compared to its average volume of 216,418. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $15.75. The stock has a 50-day simple moving average of $13.60 and a two-hundred day simple moving average of $12.31. The stock has a market cap of $327.42 million, a price-to-earnings ratio of -9.72 and a beta of 1.28.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings data on Wednesday, February 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.02. Matrix Service had a negative return on equity of 20.81% and a negative net margin of 4.76%. As a group, analysts anticipate that Matrix Service will post -0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Matrix Service

Several hedge funds have recently made changes to their positions in the business. Harvey Partners LLC boosted its holdings 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 purchasing an additional 115,000 shares during the last quarter. Needham Investment Management LLC raised its position 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 worth $16,373,000 after buying an additional 395,000 shares during the period. ACK Asset Management LLC raised its position 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 buying an additional 378,901 shares during the period. Westerly Capital Management LLC raised its position in shares of Matrix Service by 4.5% in the 4th quarter. Westerly Capital Management LLC now owns 1,150,000 shares of the company’s stock worth $13,766,000 after buying an additional 50,000 shares during the period. Finally, Royce & Associates LP raised its position in shares of Matrix Service by 4.0% in the 4th quarter. Royce & Associates LP now owns 898,122 shares of the company’s stock worth $10,751,000 after buying an additional 34,860 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. StockNews.com cut Matrix Service from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. DA Davidson increased their target price on Matrix Service from $18.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 11th.

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.