Matrix Service (NASDAQ:MTRX) Sees Large Growth in Short Interest

Matrix Service (NASDAQ:MTRX) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 368,900 shares, an increase of 35.6% from the March 31st total of 272,000 shares. Based on an average daily volume of 224,800 shares, the short-interest ratio is presently 1.6 days. Currently, 1.4% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Matrix Service from a “hold” rating to a “buy” rating in a research note on Saturday, February 17th.

Matrix Service Price Performance

MTRX stock opened at $11.36 on Tuesday. Matrix Service has a 1-year low of $4.78 and a 1-year high of $13.90. The business has a 50-day moving average price of $12.43 and a 200 day moving average price of $11.16. The company has a market capitalization of $310.13 million, a P/E ratio of -16.23 and a beta of 1.23.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.08). The business had revenue of $175.04 million during the quarter, compared to the consensus estimate of $195.27 million. Matrix Service had a negative net margin of 2.49% and a negative return on equity of 12.50%. On average, analysts anticipate that Matrix Service will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Matrix Service

In related news, VP Kevin A. Durkin sold 3,900 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $12.72, for a total value of $49,608.00. Following the completion of the sale, the vice president now directly owns 76,131 shares in the company, valued at $968,386.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO John R. Hewitt sold 10,000 shares of Matrix Service stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $13.25, for a total transaction of $132,500.00. Following the completion of the sale, the chief executive officer now directly owns 477,891 shares in the company, valued at $6,332,055.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Kevin A. Durkin sold 3,900 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $12.72, for a total transaction of $49,608.00. Following the completion of the transaction, the vice president now owns 76,131 shares in the company, valued at $968,386.32. The disclosure for this sale can be found here. Insiders have sold a total of 17,800 shares of company stock worth $233,354 over the last ninety days. Company insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its stake in Matrix Service by 222.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,063 shares of the company’s stock valued at $40,000 after purchasing an additional 2,802 shares during the last quarter. AJOVista LLC purchased a new position in shares of Matrix Service in the 4th quarter worth approximately $48,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Matrix Service during the 4th quarter worth approximately $126,000. Jump Financial LLC purchased a new position in Matrix Service in the third quarter worth $144,000. Finally, Algert Global LLC increased its position in shares of Matrix Service by 17.9% during the third quarter. Algert Global LLC now owns 12,490 shares of the company’s stock worth $147,000 after purchasing an additional 1,900 shares in the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

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.