Perkins Capital Management Inc. Reduces Holdings in Profire Energy, Inc. (NASDAQ:PFIE)

Perkins Capital Management Inc. reduced its position in Profire Energy, Inc. (NASDAQ:PFIE) by 1.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 897,420 shares of the oil and gas company’s stock after selling 10,000 shares during the period. Profire Energy accounts for about 1.4% of Perkins Capital Management Inc.’s holdings, making the stock its 20th biggest holding. Perkins Capital Management Inc. owned 1.92% of Profire Energy worth $1,508,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisor Resource Council purchased a new position in shares of Profire Energy during the second quarter worth approximately $38,000. Williams & Novak LLC purchased a new position in Profire Energy during the 2nd quarter worth $46,000. O Shaughnessy Asset Management LLC grew its position in Profire Energy by 16.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 175,795 shares of the oil and gas company’s stock worth $325,000 after purchasing an additional 24,376 shares during the last quarter. Perritt Capital Management Inc increased its stake in Profire Energy by 4.6% in the second quarter. Perritt Capital Management Inc now owns 335,800 shares of the oil and gas company’s stock valued at $477,000 after purchasing an additional 14,720 shares during the period. Finally, AMH Equity Ltd raised its holdings in shares of Profire Energy by 31.1% in the first quarter. AMH Equity Ltd now owns 500,000 shares of the oil and gas company’s stock valued at $925,000 after buying an additional 118,550 shares during the last quarter. Hedge funds and other institutional investors own 38.51% of the company’s stock.

Profire Energy Stock Performance

Shares of Profire Energy stock opened at $2.51 on Thursday. Profire Energy, Inc. has a one year low of $1.33 and a one year high of $2.52. The company has a market cap of $117.54 million, a P/E ratio of 13.94 and a beta of 0.43. The firm has a fifty day moving average of $1.76 and a two-hundred day moving average of $1.63.

Profire Energy (NASDAQ:PFIE) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Profire Energy had a net margin of 15.22% and a return on equity of 15.34%. The firm had revenue of $15.16 million during the quarter. During the same period in the prior year, the company earned $0.06 earnings per share.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PFIE. StockNews.com upgraded Profire Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Lake Street Capital reissued a “hold” rating and issued a $2.55 target price on shares of Profire Energy in a report on Wednesday, October 30th.

About Profire Energy

Profire Energy, Inc, a technology company, engages in the engineering and design of burner, and combustion management systems and solutions for natural and forced draft applications in the United States and Canada. It primarily focuses on the upstream, midstream, and downstream transmission segments of the oil and gas industry.