Short Interest in Matrix Service (NASDAQ:MTRX) Declines By 16.8%

Matrix Service (NASDAQ:MTRX) was the recipient of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 702,000 shares, a decline of 16.8% from the October 15th total of 843,900 shares. Based on an average daily volume of 173,200 shares, the short-interest ratio is presently 4.1 days. Currently, 2.7% of the shares of the company are short sold.

Matrix Service Trading Down 2.3 %

Shares of Matrix Service stock opened at $12.52 on Monday. The company has a 50 day moving average of $11.48 and a 200-day moving average of $10.69. Matrix Service has a 1-year low of $8.61 and a 1-year high of $13.90. The company has a market cap of $345.05 million, a PE ratio of -11.18 and a beta of 1.25.

Matrix Service (NASDAQ:MTRX) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.01). Matrix Service had a negative return on equity of 19.56% and a negative net margin of 4.46%. The firm had revenue of $165.58 million for the quarter, compared to the consensus estimate of $183.90 million. During the same period last year, the company posted ($0.21) EPS. Research analysts forecast that Matrix Service will post -0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MTRX. DA Davidson reissued a “buy” rating and issued a $18.00 price objective on shares of Matrix Service in a report on Thursday, September 26th. StockNews.com downgraded shares of Matrix Service from a “buy” rating to a “hold” rating in a report on Friday, November 8th.

Institutional Trading of Matrix Service

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC increased its position in Matrix Service by 5.8% during the 3rd quarter. Verition Fund Management LLC now owns 22,639 shares of the company’s stock worth $261,000 after purchasing an additional 1,239 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in Matrix Service by 2.9% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 56,498 shares of the company’s stock worth $651,000 after purchasing an additional 1,573 shares in the last quarter. Keene & Associates Inc. increased its position in Matrix Service by 4.3% during the 2nd quarter. Keene & Associates Inc. now owns 54,055 shares of the company’s stock worth $537,000 after purchasing an additional 2,206 shares in the last quarter. Victory Capital Management Inc. increased its position in Matrix Service by 4.3% in the 2nd quarter. Victory Capital Management Inc. now owns 69,600 shares of the company’s stock valued at $691,000 after acquiring an additional 2,900 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Matrix Service by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,172,616 shares of the company’s stock valued at $11,644,000 after acquiring an additional 3,215 shares during the period. Institutional investors 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.