Matrix Service (NASDAQ:MTRX) Sees Significant Decrease in Short Interest

Matrix Service (NASDAQ:MTRX - Get Free Report) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 702,000 shares, a decrease of 16.8% from the October 15th total of 843,900 shares. Based on an average daily volume of 173,200 shares, the days-to-cover ratio is presently 4.1 days. Approximately 2.7% of the company's stock are sold short.

Matrix Service Trading Down 2.3 %

Shares of Matrix Service stock traded down $0.30 during trading on Friday, reaching $12.52. The company's stock had a trading volume of 86,221 shares, compared to its average volume of 217,717. Matrix Service has a fifty-two week low of $8.61 and a fifty-two week high of $13.90. The company has a 50-day moving average price of $11.48 and a two-hundred day moving average price of $10.69. The firm has a market cap of $344.99 million, a PE ratio of -11.18 and a beta of 1.25.

Matrix Service (NASDAQ:MTRX - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.01). Matrix Service had a negative net margin of 4.46% and a negative return on equity of 19.56%. The firm had revenue of $165.58 million during the quarter, compared to analyst estimates of $183.90 million. During the same period in the prior year, the firm posted ($0.21) earnings per share. On average, analysts predict that Matrix Service will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of Matrix Service

Several hedge funds have recently made changes to their positions in MTRX. Quarry LP acquired a new stake in shares of Matrix Service in the 3rd quarter worth $53,000. Quest Partners LLC purchased a new position in shares of Matrix Service in the 2nd quarter valued at about $83,000. BNP Paribas Financial Markets increased its holdings in shares of 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. SG Americas Securities LLC purchased a new position in shares of Matrix Service in the 3rd quarter valued at about $108,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Matrix Service in the 2nd quarter valued at about $110,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. DA Davidson reaffirmed a "buy" rating and issued a $18.00 target price on shares of Matrix Service in a research report on Thursday, September 26th. StockNews.com downgraded Matrix Service from a "buy" rating to a "hold" rating in a report on Friday, November 8th.

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.