Profire Energy, Inc. (NASDAQ:PFIE) Sees Large Decrease in Short Interest

Profire Energy, Inc. (NASDAQ:PFIE) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 146,000 shares, a decline of 17.6% from the October 15th total of 177,200 shares. Based on an average daily volume of 700,500 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.4% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several brokerages recently commented on PFIE. Lake Street Capital reaffirmed a “hold” rating and set a $2.55 target price on shares of Profire Energy in a report on Wednesday, October 30th. StockNews.com assumed coverage on Profire Energy in a research report on Friday, November 8th. They issued a “buy” rating on the stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Resource Council acquired a new position in shares of Profire Energy during the 2nd quarter valued at $38,000. Williams & Novak LLC purchased a new position in shares of Profire Energy in the 2nd quarter worth approximately $46,000. Jane Street Group LLC increased its position in shares of Profire Energy by 359.3% during the 3rd quarter. Jane Street Group LLC now owns 48,870 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 38,230 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Profire Energy by 16.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 175,795 shares of the oil and gas company’s stock worth $325,000 after acquiring an additional 24,376 shares during the period. Finally, Perritt Capital Management Inc lifted its stake in Profire Energy by 4.6% in the second quarter. Perritt Capital Management Inc now owns 335,800 shares of the oil and gas company’s stock valued at $477,000 after purchasing an additional 14,720 shares during the last quarter. 38.51% of the stock is owned by institutional investors and hedge funds.

Profire Energy Stock Performance

NASDAQ PFIE remained flat at $2.52 on Friday. The company’s stock had a trading volume of 305,117 shares, compared to its average volume of 349,452. The business has a 50 day moving average price of $1.85 and a 200-day moving average price of $1.66. Profire Energy has a 12-month low of $1.33 and a 12-month high of $2.52. The company has a market cap of $116.42 million, a PE ratio of 14.00 and a beta of 0.43.

Profire Energy Company Profile

Profire Energy, Inc, a technology company, engages in the engineering and design of burner, and combustion management systems and solutions for natural and forced draft applications in the United States and Canada. It primarily focuses on the upstream, midstream, and downstream transmission segments of the oil and gas industry.