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 trading volume of 173,500 shares, the short-interest ratio is presently 2.7 days. Approximately 1.8% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MTRX. StockNews.com downgraded Matrix Service from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. DA Davidson increased their target price on Matrix Service from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th.

Hedge Funds Weigh In On Matrix Service

Several hedge funds have recently bought and sold shares of MTRX. Victory Capital Management Inc. increased its stake in Matrix Service by 4.3% in the 3rd quarter. Victory Capital Management Inc. now owns 72,587 shares of the company’s stock valued at $837,000 after purchasing an additional 2,987 shares in the last quarter. Royce & Associates LP increased its stake in Matrix Service by 14.3% in the 3rd quarter. Royce & Associates LP now owns 863,262 shares of the company’s stock valued at $9,953,000 after purchasing an additional 107,820 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Matrix Service by 44.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 166,302 shares of the company’s stock valued at $1,917,000 after purchasing an additional 51,433 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its stake in Matrix Service by 2.9% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 56,498 shares of the company’s stock valued at $651,000 after purchasing an additional 1,573 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Matrix Service by 112.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock valued at $106,000 after purchasing an additional 4,860 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Matrix Service Price Performance

Shares of MTRX stock traded down $0.20 during trading hours on Tuesday, reaching $11.86. 259,237 shares of the company’s stock were exchanged, compared to its average volume of 216,418. The company has a market cap of $327.42 million, a P/E ratio of -9.72 and a beta of 1.28. The company’s 50 day moving average is $13.60 and its two-hundred day moving average is $12.31. Matrix Service has a 1 year low of $8.61 and a 1 year high of $15.75.

Matrix Service (NASDAQ:MTRX) last issued its earnings results on Wednesday, February 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 predict that Matrix Service will post -0.26 EPS for the current fiscal year.

About Matrix Service

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.