Nine Energy Service, Inc. (NYSE:NINE) Sees Significant Growth in Short Interest
by Kim Johansen · The Markets DailyNine Energy Service, Inc. (NYSE:NINE – Get Free Report) saw a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 5,463,776 shares, an increase of 123.4% from the January 15th total of 2,445,502 shares. Currently, 13.1% of the company’s shares are short sold. Based on an average daily trading volume, of 3,884,985 shares, the days-to-cover ratio is currently 1.4 days. Based on an average daily trading volume, of 3,884,985 shares, the days-to-cover ratio is currently 1.4 days. Currently, 13.1% of the company’s shares are short sold.
Analysts Set New Price Targets
NINE has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Nine Energy Service in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Nine Energy Service to a “strong sell” rating in a report on Saturday, January 17th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.
View Our Latest Research Report on NINE
Nine Energy Service Stock Performance
Shares of NYSE:NINE remained flat at $0.59 during midday trading on Friday. Nine Energy Service has a 52-week low of $0.25 and a 52-week high of $1.55. The stock has a market capitalization of $25.42 million, a PE ratio of -0.59 and a beta of 2.22. The company has a 50-day moving average of $0.44 and a two-hundred day moving average of $0.55.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of NINE. State Street Corp raised its position in Nine Energy Service by 106.2% in the 4th quarter. State Street Corp now owns 132,583 shares of the company’s stock valued at $47,000 after buying an additional 68,300 shares during the last quarter. Williams & Novak LLC purchased a new stake in shares of Nine Energy Service in the fourth quarter valued at about $37,000. Two Sigma Investments LP purchased a new stake in shares of Nine Energy Service in the third quarter valued at about $47,000. GSA Capital Partners LLP lifted its position in shares of Nine Energy Service by 12.8% during the third quarter. GSA Capital Partners LLP now owns 278,509 shares of the company’s stock valued at $176,000 after purchasing an additional 31,562 shares in the last quarter. Finally, Truist Financial Corp purchased a new position in Nine Energy Service during the second quarter worth about $73,000. Hedge funds and other institutional investors own 57.61% of the company’s stock.
About Nine Energy Service
Nine Energy Service, Inc (NYSE: NINE) is a Houston, Texas–based oilfield services company specializing in completion and production equipment and services for the upstream oil and gas industry. The company traces its roots to the Keane Group, a wireline and completion‐service provider founded in the late 1990s, and was rebranded as Nine Energy Service in 2017 following a corporate realignment. Today, Nine offers an integrated suite of services that spans the full life cycle of a well.
Nine Energy Service’s core offerings include hydraulic fracturing horsepower, high‐pressure fluid pumps, nitrogen pumping units, and sand management systems.