Perimeter Solutions, SA (NYSE:PRM) Short Interest Up 22.1% in December

Perimeter Solutions, SA (NYSE:PRM) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 3,188,992 shares, an increase of 22.1% from the December 15th total of 2,611,965 shares. Based on an average daily volume of 840,289 shares, the short-interest ratio is presently 3.8 days. Currently, 2.4% of the shares of the stock are sold short. Currently, 2.4% of the shares of the stock are sold short. Based on an average daily volume of 840,289 shares, the short-interest ratio is presently 3.8 days.

Insider Activity

In related news, CFO Kyle Sable sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $28.47, for a total transaction of $2,847,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Trading of Perimeter Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRM. Alpha Wave Global LP acquired a new position in Perimeter Solutions during the 2nd quarter valued at about $11,155,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Perimeter Solutions by 50.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,132,167 shares of the company’s stock worth $47,739,000 after buying an additional 714,816 shares during the last quarter. Millennium Management LLC acquired a new position in Perimeter Solutions in the third quarter valued at approximately $14,612,000. Bank of America Corp DE lifted its holdings in Perimeter Solutions by 35.8% in the second quarter. Bank of America Corp DE now owns 2,274,018 shares of the company’s stock valued at $31,654,000 after buying an additional 599,972 shares during the period. Finally, Skye Global Management LP grew its holdings in Perimeter Solutions by 485.2% during the 2nd quarter. Skye Global Management LP now owns 614,500 shares of the company’s stock worth $8,554,000 after acquiring an additional 509,500 shares during the period. 89.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Perimeter Solutions in a report on Wednesday, October 8th. Zacks Research cut shares of Perimeter Solutions from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 17th. UBS Group lowered shares of Perimeter Solutions from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $30.00 to $31.00 in a report on Monday, January 12th. Finally, Morgan Stanley set a $35.00 target price on Perimeter Solutions in a report on Monday, December 15th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $33.00.

Perimeter Solutions Price Performance

Shares of PRM stock traded down $0.18 during trading hours on Tuesday, reaching $28.44. 223,707 shares of the company were exchanged, compared to its average volume of 793,218. Perimeter Solutions has a fifty-two week low of $8.76 and a fifty-two week high of $29.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.22 and a quick ratio of 1.72. The stock’s fifty day moving average is $27.69 and its two-hundred day moving average is $22.87. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 67.72 and a beta of 1.97.

Perimeter Solutions (NYSE:PRM) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.14. The firm had revenue of $315.44 million during the quarter, compared to analysts’ expectations of $238.27 million. Perimeter Solutions had a net margin of 12.26% and a return on equity of 17.33%. Sell-side analysts forecast that Perimeter Solutions will post 0.71 earnings per share for the current fiscal year.

About Perimeter Solutions

Perimeter Solutions Ltd. (NYSE: PRM) is a global specialty chemicals company focused on delivering performance-driven solutions for the oil and gas, coatings, plastics, water treatment and packaging markets. Established as an independent publicly traded company in December 2019 following its spin-off from NewMarket Corporation, Perimeter Solutions has positioned itself as a leading provider of highly engineered chemical products designed to optimize upstream oil recovery, protect infrastructure and enhance the performance of industrial processes.

The company’s core product portfolio spans several key segments.