Matrix Service (NASDAQ:MTRX) Short Interest Up 35.6% in April

Matrix Service (NASDAQ:MTRX) was the target of a large increase in short interest in 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 trading volume of 224,800 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.4% of the company’s shares are short sold.

Insider Activity at Matrix Service

In other Matrix Service news, CEO John R. Hewitt sold 10,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $13.25, for a total transaction of $132,500.00. Following the sale, the chief executive officer now directly owns 477,891 shares of the company’s stock, valued at approximately $6,332,055.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Kevin A. Durkin sold 3,900 shares of the stock in a transaction on 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 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 is available through this hyperlink. Also, CEO John R. Hewitt sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $13.25, for a total value of $132,500.00. Following the completion of the transaction, the chief executive officer now directly owns 477,891 shares in the company, valued at $6,332,055.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,800 shares of company stock worth $233,354. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Matrix Service

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTRX. Azarias Capital Management L.P. boosted its stake in Matrix Service by 25.8% in the 4th quarter. Azarias Capital Management L.P. now owns 1,261,761 shares of the company’s stock valued at $12,340,000 after purchasing an additional 258,390 shares during the period. EAM Investors LLC bought a new stake in shares of Matrix Service in the third quarter worth $2,336,000. Gendell Jeffrey L raised its position in shares of Matrix Service by 18.6% during the third quarter. Gendell Jeffrey L now owns 825,000 shares of the company’s stock worth $9,735,000 after acquiring an additional 129,441 shares during the last quarter. Citigroup Inc. bought a new position in Matrix Service during the third quarter worth $971,000. Finally, Acadian Asset Management LLC boosted its position in shares of Matrix Service by 21.6% during the 3rd quarter. Acadian Asset Management LLC now owns 361,988 shares of the company’s stock valued at $4,270,000 after purchasing an additional 64,276 shares in the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Matrix Service Trading Down 0.9 %

MTRX stock traded down $0.10 during trading on Tuesday, hitting $11.26. The company had a trading volume of 12,447 shares, compared to its average volume of 203,484. The company has a market cap of $307.40 million, a P/E ratio of -16.23 and a beta of 1.23. The company has a fifty day moving average price of $12.43 and a two-hundred day moving average price of $11.16. Matrix Service has a fifty-two week low of $4.78 and a fifty-two week high of $13.90.

Matrix Service (NASDAQ:MTRX) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.08). The company had revenue of $175.04 million during the quarter, compared to analyst estimates 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 expect that Matrix Service will post -0.35 earnings per share for the current year.

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.