Short Interest in Profire Energy, Inc. (NASDAQ:PFIE) Declines By 29.5%

Profire Energy, Inc. (NASDAQ:PFIE) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 371,900 shares, a decrease of 29.5% from the July 31st total of 527,700 shares. Based on an average trading volume of 164,400 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.1% of the company’s shares are short sold.

Shares of PFIE stock traded down $0.02 on Friday, reaching $1.70. 84,560 shares of the company were exchanged, compared to its average volume of 166,522. The company has a market cap of $87.31 million, a price-to-earnings ratio of 14.17 and a beta of 1.61. The company has a 50-day moving average of $1.42 and a 200-day moving average of $1.58. Profire Energy has a one year low of $1.16 and a one year high of $3.64.

Profire Energy (NASDAQ:PFIE) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). The company had revenue of $10.12 million for the quarter, compared to the consensus estimate of $11.05 million. Profire Energy had a return on equity of 11.17% and a net margin of 11.95%. Equities research analysts predict that Profire Energy will post 0.09 EPS for the current fiscal year.

A number of research firms have recently issued reports on PFIE. ValuEngine cut shares of Profire Energy from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 8th. Aegis began coverage on shares of Profire Energy in a research report on Monday, July 8th. They set a “buy” rating and a $4.00 price objective on the stock. TheStreet cut shares of Profire Energy from a “b-” rating to a “c+” rating in a research report on Tuesday, May 21st. Finally, Zacks Investment Research cut shares of Profire Energy from a “hold” rating to a “sell” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $3.92.

Several hedge funds have recently added to or reduced their stakes in PFIE. Zebra Capital Management LLC bought a new position in shares of Profire Energy during the 2nd quarter worth about $61,000. Cutter & CO Brokerage Inc. bought a new position in shares of Profire Energy during the 2nd quarter worth about $85,000. Connors Investor Services Inc. boosted its position in shares of Profire Energy by 26.4% during the 2nd quarter. Connors Investor Services Inc. now owns 86,270 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 18,000 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Profire Energy in the 1st quarter worth about $134,000. Finally, Paloma Partners Management Co raised its holdings in shares of Profire Energy by 813.3% in the 2nd quarter. Paloma Partners Management Co now owns 116,106 shares of the oil and gas company’s stock worth $175,000 after acquiring an additional 103,393 shares during the last quarter. 41.21% of the stock is currently owned by institutional investors.

About Profire Energy

Profire Energy, Inc, an oilfield technology company, provides burner- and chemical-management products and services for the oil and gas industry in North America. It assists energy production companies in the production and transportation of oil and natural gas. Its products include PF3100, a burner-management system, which is designed to operate, monitor, control, and manage various complex and multi-faceted oilfield appliances; safety and monitoring devices, such as shut-down and temperature valves, pressure transmitters and switches, burners, pilots, and other combustion related equipment; and chemical-management systems to monitor and manage chemical-injection process to ensure that optimal levels of chemicals are injected.

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