Matrix Service (NASDAQ:MTRX) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Matrix Service (NASDAQ:MTRX - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.07 and traded as high as $14.20. Matrix Service shares last traded at $13.08, with a volume of 126,216 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MTRX shares. DA Davidson raised their target price on Matrix Service from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. StockNews.com downgraded Matrix Service from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 14th.

Matrix Service Stock Down 6.8 %

The stock has a market cap of $361.10 million, a PE ratio of -10.72 and a beta of 1.28. The stock has a 50-day moving average of $13.56 and a 200 day moving average of $12.07.

Matrix Service (NASDAQ:MTRX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported ($0.20) 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%. Research analysts forecast that Matrix Service will post -0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Matrix Service

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTRX. Needham Investment Management LLC increased 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 acquiring an additional 395,000 shares during the last quarter. ACK Asset Management LLC grew its stake in shares of Matrix Service by 47.3% in the fourth quarter. ACK Asset Management LLC now owns 1,179,901 shares of the company's stock valued at $14,123,000 after buying an additional 378,901 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Matrix Service by 523.3% in the fourth quarter. American Century Companies Inc. now owns 294,889 shares of the company's stock valued at $3,530,000 after buying an additional 247,578 shares in the last quarter. Portolan Capital Management LLC grew its stake in shares of Matrix Service by 34.3% in the third quarter. Portolan Capital Management LLC now owns 509,059 shares of the company's stock valued at $5,869,000 after buying an additional 129,989 shares in the last quarter. Finally, Harvey Partners LLC grew its stake in shares of 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 buying an additional 115,000 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

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.