DA Davidson Reiterates “Buy” Rating for Matrix Service (NASDAQ:MTRX)

Matrix Service (NASDAQ:MTRX)‘s stock had its “buy” rating reiterated by equities researchers at DA Davidson in a research note issued on Tuesday, Benzinga reports. They presently have a $18.00 target price on the stock. DA Davidson’s price objective points to a potential upside of 69.65% from the stock’s previous close.

Matrix Service Price Performance

Shares of Matrix Service stock opened at $10.61 on Tuesday. Matrix Service has a 1-year low of $8.26 and a 1-year high of $13.90. The company has a market capitalization of $289.75 million, a PE ratio of -13.96, a P/E/G ratio of 2.81 and a beta of 1.24. The business has a 50-day moving average of $9.66 and a 200-day moving average of $10.98.

Hedge Funds Weigh In On Matrix Service

A number of institutional investors have recently made changes to their positions in the business. Azarias Capital Management L.P. grew its position in shares of Matrix Service by 28.5% during the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock worth $12,643,000 after buying an additional 282,086 shares in the last quarter. Jane Street Group LLC grew its holdings in Matrix Service by 92.0% during the 1st quarter. Jane Street Group LLC now owns 308,743 shares of the company’s stock worth $4,023,000 after acquiring an additional 147,942 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Matrix Service in the 2nd quarter worth about $830,000. Bank of New York Mellon Corp lifted its position in shares of Matrix Service by 12.9% during the second quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock worth $5,714,000 after purchasing an additional 65,902 shares during the last quarter. Finally, Ancora Advisors LLC grew its stake in Matrix Service by 71.8% in the first quarter. Ancora Advisors LLC now owns 121,863 shares of the company’s stock worth $1,588,000 after purchasing an additional 50,940 shares in the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

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.