Perimeter Solutions (NYSE:PRM) Shares Gap Up – Still a Buy?

Perimeter Solutions, SA (NYSE:PRM)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $9.11, but opened at $10.08. Perimeter Solutions shares last traded at $10.43, with a volume of 368,915 shares.

Analyst Upgrades and Downgrades

Separately, UBS Group upgraded Perimeter Solutions from a “neutral” rating to a “buy” rating and set a $14.00 price objective for the company in a research note on Wednesday.

Perimeter Solutions Stock Performance

The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -75.74 and a beta of 1.93. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.95 and a current ratio of 3.91. The firm’s 50-day moving average price is $11.04 and its two-hundred day moving average price is $12.24.

Perimeter Solutions (NYSE:PRM) last posted its earnings results on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.21. The firm had revenue of $86.23 million for the quarter, compared to analyst estimates of $77.01 million. Perimeter Solutions had a negative return on equity of 7.62% and a negative net margin of 1.05%. On average, analysts expect that Perimeter Solutions, SA will post 0.71 EPS for the current fiscal year.

Insider Activity at Perimeter Solutions

In other Perimeter Solutions news, Director Vivek Raj sold 250,000 shares of Perimeter Solutions stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $9.17, for a total value of $2,292,500.00. Following the sale, the director now owns 471,226 shares of the company’s stock, valued at approximately $4,321,142.42. The trade was a 34.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Perimeter Solutions by 136.8% in the 4th quarter. Vanguard Group Inc. now owns 8,211,593 shares of the company’s stock worth $104,944,000 after buying an additional 4,744,069 shares in the last quarter. Corient Private Wealth LLC acquired a new stake in shares of Perimeter Solutions in the 4th quarter worth approximately $41,780,000. JPMorgan Chase & Co. raised its position in Perimeter Solutions by 19.9% in the fourth quarter. JPMorgan Chase & Co. now owns 5,856,611 shares of the company’s stock worth $74,847,000 after acquiring an additional 971,623 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Perimeter Solutions by 10,103.3% during the 4th quarter. Bessemer Group Inc. now owns 923,811 shares of the company’s stock worth $11,806,000 after acquiring an additional 914,757 shares in the last quarter. Finally, Catawba River Capital acquired a new stake in shares of Perimeter Solutions during the fourth quarter valued at approximately $7,658,000. 89.93% of the stock is currently owned by hedge funds and other institutional investors.

About Perimeter Solutions

Perimeter Solutions, SA manufactures and supplies firefighting products and lubricant additives in the United States, Germany, and internationally. It operates in two segments, Fire Safety and Specialty Products. The Fire Safety segment provides fire retardants and firefighting foams, as well as specialized equipment and services for federal, state, provincial, local/municipal, and commercial customers.