Short Interest in Matrix Service (NASDAQ:MTRX) Decreases By 13.9%

Matrix Service (NASDAQ:MTRX) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 354,700 shares, a decrease of 13.9% from the February 28th total of 411,900 shares. Based on an average daily volume of 214,300 shares, the days-to-cover ratio is currently 1.7 days. Approximately 1.4% of the company’s stock are short sold.

Matrix Service Stock Performance

MTRX traded down $1.30 during trading on Thursday, reaching $11.29. 127,999 shares of the stock were exchanged, compared to its average volume of 205,966. The stock’s 50 day moving average price is $13.41 and its two-hundred day moving average price is $12.69. Matrix Service has a twelve month low of $8.61 and a twelve month high of $15.75. The stock has a market cap of $311.68 million, a P/E ratio of -9.25 and a beta of 1.11.

Matrix Service (NASDAQ:MTRX) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.20) earnings per share 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%. Equities research analysts predict that Matrix Service will post -0.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MTRX has been the topic of several analyst reports. StockNews.com cut shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. DA Davidson increased their price target on Matrix Service from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th.

Hedge Funds Weigh In On Matrix Service

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its holdings in shares of Matrix Service by 112.9% during the third quarter. BNP Paribas Financial Markets now owns 9,165 shares of the company’s stock worth $106,000 after buying an additional 4,860 shares in the last quarter. MetLife Investment Management LLC raised its holdings in Matrix Service by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 15,519 shares of the company’s stock valued at $179,000 after acquiring an additional 8,744 shares in the last quarter. Verition Fund Management LLC increased its position in shares of Matrix Service by 5.8% in the third quarter. Verition Fund Management LLC now owns 22,639 shares of the company’s stock worth $261,000 after purchasing an additional 1,239 shares during the period. Harvey Partners LLC raised its stake in Matrix Service by 8.2% in the third quarter. Harvey Partners LLC now owns 1,515,000 shares of the company’s stock valued at $17,468,000 after purchasing an additional 115,000 shares in the last quarter. Finally, Needham Investment Management LLC grew its stake in Matrix Service by 38.5% during 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. Institutional investors and hedge funds 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.