StockNews.com Initiates Coverage on Profire Energy (NASDAQ:PFIE)

StockNews.com initiated coverage on shares of Profire Energy (NASDAQ:PFIE) in a report issued on Friday. The firm issued a buy rating on the oil and gas company’s stock.

Separately, Lake Street Capital reissued a “hold” rating and set a $2.55 price objective on shares of Profire Energy in a research note on Wednesday, October 30th.

Profire Energy Stock Performance

NASDAQ:PFIE opened at $2.54 on Friday. Profire Energy has a 12 month low of $1.33 and a 12 month high of $2.56. The company has a 50-day moving average price of $2.51 and a 200-day moving average price of $1.91. The stock has a market cap of $117.35 million, a price-to-earnings ratio of 14.11 and a beta of 0.45.

Hedge Funds Weigh In On Profire Energy

Several hedge funds and other institutional investors have recently modified their holdings of PFIE. Virtu Financial LLC bought a new position in Profire Energy in the third quarter valued at about $46,000. Jane Street Group LLC increased its position in shares of Profire Energy by 359.3% during the 3rd quarter. Jane Street Group LLC now owns 48,870 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 38,230 shares during the last quarter. Royce & Associates LP lifted its stake in shares of Profire Energy by 1.0% in the 3rd quarter. Royce & Associates LP now owns 2,032,361 shares of the oil and gas company’s stock worth $3,414,000 after purchasing an additional 20,000 shares during the period. Pacific Ridge Capital Partners LLC boosted its holdings in shares of Profire Energy by 5.6% in the second quarter. Pacific Ridge Capital Partners LLC now owns 1,739,715 shares of the oil and gas company’s stock worth $2,470,000 after buying an additional 91,941 shares during the last quarter. Finally, Perritt Capital Management Inc grew its position in Profire Energy by 4.6% during 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 buying an additional 14,720 shares during the period. 38.51% of the stock is owned by institutional investors.

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.