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

Matrix Service (NASDAQ:MTRX)‘s stock had its “buy” rating restated by research analysts at DA Davidson in a note issued to investors on Tuesday, Benzinga reports. They presently have a $18.00 price objective on the stock. DA Davidson’s target price points to a potential upside of 67.75% from the stock’s current price.

Matrix Service Stock Up 17.4 %

Shares of MTRX stock traded up $1.59 during trading hours on Tuesday, hitting $10.73. 112,993 shares of the company’s stock were exchanged, compared to its average volume of 222,815. The firm has a 50 day moving average of $9.61 and a two-hundred day moving average of $10.99. Matrix Service has a fifty-two week low of $7.75 and a fifty-two week high of $13.90. The firm has a market cap of $293.04 million, a P/E ratio of -14.12, a P/E/G ratio of 2.81 and a beta of 1.24.

Institutional Trading of Matrix Service

A number of institutional investors and hedge funds have recently modified their holdings of MTRX. Azarias Capital Management L.P. lifted its position in shares of Matrix Service by 28.5% in the second quarter. Azarias Capital Management L.P. now owns 1,273,193 shares of the company’s stock valued at $12,643,000 after acquiring an additional 282,086 shares in the last quarter. Jane Street Group LLC boosted its stake 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 purchasing an additional 147,942 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Matrix Service in the second quarter valued at about $830,000. Bank of New York Mellon Corp lifted its stake in shares of Matrix Service by 12.9% in the second quarter. Bank of New York Mellon Corp now owns 575,428 shares of the company’s stock worth $5,714,000 after buying an additional 65,902 shares in the last quarter. Finally, Ancora Advisors LLC boosted its position in Matrix Service by 71.8% during the first quarter. Ancora Advisors LLC now owns 121,863 shares of the company’s stock worth $1,588,000 after acquiring an additional 50,940 shares during the last quarter. Hedge funds and other 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.