Matrix Service (NASDAQ:MTRX) Receives “Buy” Rating from DA Davidson

Matrix Service (NASDAQ:MTRX)‘s stock had its “buy” rating reissued by stock analysts at DA Davidson in a research note issued on Thursday, Benzinga reports. They presently have a $18.00 price target on the stock. DA Davidson’s target price suggests a potential upside of 64.84% from the stock’s current price.

Separately, StockNews.com cut Matrix Service from a “buy” rating to a “hold” rating in a report on Wednesday, September 18th.

Matrix Service Stock Performance

NASDAQ:MTRX traded down $0.15 during trading hours on Thursday, reaching $10.92. The stock had a trading volume of 50,267 shares, compared to its average volume of 231,699. The company has a 50 day moving average price of $9.99 and a two-hundred day moving average price of $10.90. Matrix Service has a 52 week low of $8.61 and a 52 week high of $13.90. The stock has a market capitalization of $298.21 million, a PE ratio of -14.37 and a beta of 1.24.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new position in Matrix Service during the second quarter worth $83,000. The Manufacturers Life Insurance Company purchased a new position in Matrix Service during the second quarter worth approximately $110,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Matrix Service during the 4th quarter worth $126,000. XTX Topco Ltd boosted its holdings in Matrix Service by 66.3% in the 2nd quarter. XTX Topco Ltd now owns 20,932 shares of the company’s stock valued at $208,000 after purchasing an additional 8,344 shares during the last quarter. Finally, Quadrature Capital Ltd grew its position in Matrix Service by 38.8% in the fourth quarter. Quadrature Capital Ltd now owns 28,807 shares of the company’s stock worth $281,000 after acquiring an additional 8,059 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

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.