Perimeter Solutions (NYSE:PRM) Trading Up 10.7% After Analyst Upgrade

Perimeter Solutions, SA (NYSE:PRM) rose 10.7% during mid-day trading on Tuesday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $30.00 price target on the stock. Perimeter Solutions traded as high as $23.95 and last traded at $23.56. Approximately 222,496 shares were traded during trading, a decline of 77% from the average daily volume of 981,037 shares. The stock had previously closed at $21.28.

PRM has been the topic of a number of other research reports. Weiss Ratings downgraded Perimeter Solutions from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Monday, March 2nd. Zacks Research downgraded Perimeter Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 17th. Finally, Morgan Stanley set a $35.00 target price on Perimeter Solutions in a research report on Monday, December 15th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $32.50.

Insider Buying and Selling at Perimeter Solutions

In other news, Director William N. Thorndike, Jr. sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $23.37, for a total value of $2,921,250.00. Following the completion of the sale, the director directly owned 8,735,656 shares in the company, valued at $204,152,280.72. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 450,000 shares of company stock worth $10,722,750. Insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Perimeter Solutions

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its position in shares of Perimeter Solutions by 56.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,918 shares of the company’s stock valued at $80,000 after buying an additional 1,051 shares during the period. Invesco Ltd. grew its holdings in shares of Perimeter Solutions by 157.3% during the 4th quarter. Invesco Ltd. now owns 1,294,686 shares of the company’s stock worth $35,643,000 after purchasing an additional 791,558 shares during the period. State of Tennessee Department of Treasury purchased a new position in shares of Perimeter Solutions during the 4th quarter worth $139,000. Mackenzie Financial Corp acquired a new stake in shares of Perimeter Solutions during the 4th quarter worth about $242,000. Finally, Empowered Funds LLC purchased a new stake in Perimeter Solutions in the 4th quarter valued at about $417,000. 89.93% of the stock is currently owned by institutional investors and hedge funds.

Perimeter Solutions Price Performance

The stock’s 50-day simple moving average is $24.90 and its 200 day simple moving average is $25.15. The company has a quick ratio of 2.42, a current ratio of 3.22 and a debt-to-equity ratio of 0.60. The company has a market cap of $3.52 billion, a price-to-earnings ratio of -16.59 and a beta of 1.98.

Perimeter Solutions (NYSE:PRM) last announced its quarterly earnings results on Friday, February 27th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.04. The business had revenue of $102.75 million during the quarter, compared to analysts’ expectations of $94.05 million. Perimeter Solutions had a negative net margin of 31.61% and a positive return on equity of 17.82%. On average, equities research analysts anticipate that Perimeter Solutions, SA will post 0.71 EPS for the current fiscal year.

Perimeter Solutions Company Profile

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.