Matrix Service (NASDAQ:MTRX) Short Interest Down 13.9% in March

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

Matrix Service Stock Performance

NASDAQ MTRX traded up $0.04 on Wednesday, reaching $12.50. The stock had a trading volume of 20,831 shares, compared to its average volume of 205,412. The stock has a market cap of $345.09 million, a P/E ratio of -10.25 and a beta of 1.11. Matrix Service has a 12-month low of $8.61 and a 12-month high of $15.75. The business’s 50-day moving average price is $13.46 and its 200 day moving average price is $12.69.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate 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%. On average, sell-side analysts predict that Matrix Service will post -0.26 earnings per share for the current year.

Wall Street Analyst Weigh In

MTRX has been the subject of a number of recent research reports. DA Davidson lifted their price target on shares of Matrix Service from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. StockNews.com cut shares of Matrix Service from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th.

Institutional Trading of Matrix Service

A number of institutional investors have recently modified their holdings of MTRX. JPMorgan Chase & Co. lifted its position in shares of Matrix Service by 204.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 90,663 shares of the company’s stock valued at $1,045,000 after acquiring an additional 60,838 shares during the period. Barclays PLC raised its stake in shares of Matrix Service by 90.8% during the 3rd quarter. Barclays PLC now owns 53,435 shares of the company’s stock worth $616,000 after buying an additional 25,434 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Matrix Service by 66.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 276,943 shares of the company’s stock valued at $3,315,000 after purchasing an additional 110,641 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in 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 buying an additional 4,860 shares in the last quarter. Finally, State Street Corp increased its position in Matrix Service by 17.0% during the third quarter. State Street Corp now owns 384,173 shares of the company’s stock worth $4,430,000 after buying an additional 55,691 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.