Zacks Investment Research upgraded shares of Profire Energy Inc. (NASDAQ:PFIE) from a hold rating to a strong-buy rating in a research note published on Wednesday morning. They currently have $1.50 target price on the stock.

According to Zacks, “Profire Energy, Inc. manufactures, installs and services oilfield combustion management systems and related burner products. The Company’s products aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. Its products include Profire 2100 and the Profire 1100, Profire 1100i and fuel-trains or valve-trains, which comprise piping, valves, and controls related to the process of providing fuel to burners, as well as having safety controllers to monitor operations. Profire Energy, Inc. is based in Lindon, Utah. “

Profire Energy (NASDAQ:PFIE) traded up 3.64% during trading on Wednesday, hitting $1.28. 34,016 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $1.24 and a 200 day moving average price of $1.15. Profire Energy has a 52-week low of $0.65 and a 52-week high of $1.49. The company has a market cap of $68.17 billion, a price-to-earnings ratio of 14.22 and a beta of 1.58.

In other Profire Energy news, insider Harold Albert sold 23,900 shares of the stock in a transaction on Monday, October 24th. The shares were sold at an average price of $1.46, for a total transaction of $34,894.00. Following the completion of the transaction, the insider now owns 14,001,100 shares in the company, valued at $20,441,606. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 58.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Perkins Capital Management Inc. acquired a new position in Profire Energy during the second quarter valued at approximately $309,000. Northpointe Capital LLC raised its position in Profire Energy by 2.3% in the second quarter. Northpointe Capital LLC now owns 1,883,818 shares of the company’s stock valued at $2,091,000 after buying an additional 42,060 shares during the period. Societe Generale acquired a new position in Profire Energy during the second quarter valued at approximately $166,000. Royce & Associates LP raised its position in Profire Energy by 5.5% in the second quarter. Royce & Associates LP now owns 2,904,392 shares of the company’s stock valued at $3,224,000 after buying an additional 152,351 shares during the period. Finally, Wolverine Asset Management LLC raised its position in Profire Energy by 14.4% in the second quarter. Wolverine Asset Management LLC now owns 345,282 shares of the company’s stock valued at $383,000 after buying an additional 43,411 shares during the period. Institutional investors and hedge funds own 16.65% of the company’s stock.

About Profire Energy

Profire Energy, Inc is an oilfield technology company. The Company is primarily engaged in the business of developing combustion management technologies for the oil and gas industry. It specializes in the creation of burner-management systems, used on a range of oilfield natural-draft fire tube vessels.

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