Nine Energy Service (NYSE:NINE) Stock Price Down 6.7% – Time to Sell?

Nine Energy Service, Inc. (NYSE:NINE)’s share price was down 6.7% during mid-day trading on Monday . The company traded as low as $0.3088 and last traded at $0.3220. Approximately 2,579,699 shares were traded during trading, an increase of 212% from the average daily volume of 825,607 shares. The stock had previously closed at $0.3450.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NINE shares. Wall Street Zen downgraded shares of Nine Energy Service from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Nine Energy Service in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Nine Energy Service currently has a consensus rating of “Sell”.

Nine Energy Service Stock Up 16.2%

The company has a market capitalization of $15.96 million, a P/E ratio of -0.37 and a beta of 2.22. The business’s 50-day moving average is $0.50 and its two-hundred day moving average is $0.64.

Nine Energy Service (NYSE:NINE) last posted its earnings results on Thursday, October 30th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.05). The business had revenue of $132.03 million for the quarter, compared to analysts’ expectations of $139.16 million. Analysts predict that Nine Energy Service, Inc. will post -1.12 EPS for the current year.

Institutional Trading of Nine Energy Service

Hedge funds have recently made changes to their positions in the company. Two Sigma Investments LP bought a new position in Nine Energy Service during the third quarter worth about $47,000. GSA Capital Partners LLP lifted its stake in Nine Energy Service by 12.8% in the 3rd quarter. GSA Capital Partners LLP now owns 278,509 shares of the company’s stock worth $176,000 after purchasing an additional 31,562 shares in the last quarter. Truist Financial Corp purchased a new stake in shares of Nine Energy Service in the second quarter worth $73,000. Finally, Aristeia Capital L.L.C. purchased a new position in shares of Nine Energy Service during the first quarter worth about $428,000. 57.61% of the stock is currently owned by institutional investors.

Nine Energy Service Company Profile

Nine Energy Service, Inc operates as an onshore completion services provider that targets unconventional oil and gas resource development in North American basins and internationally. It offers cementing services, including blending high-grade cement and water with various solid and liquid additives to create a cement slurry that is pumped between the casing and the wellbore of the well.