New Era Helium (NASDAQ:NEHC) Stock Price Down 8.3% – Should You Sell?

New Era Helium Inc. (NASDAQ:NEHC)’s stock price was down 8.3% on Wednesday . The stock traded as low as $3.80 and last traded at $4.00. Approximately 7,559,101 shares traded hands during trading, an increase of 765% from the average daily volume of 874,269 shares. The stock had previously closed at $4.36.

New Era Helium Stock Performance

The firm’s 50 day moving average is $4.21 and its 200-day moving average is $1.83. The stock has a market capitalization of $57.90 million, a price-to-earnings ratio of -9.76 and a beta of 0.19.

Institutional Investors Weigh In On New Era Helium

Several hedge funds have recently modified their holdings of the company. W.G. Shaheen & Associates DBA Whitney & Co purchased a new position in shares of New Era Helium in the 3rd quarter valued at about $28,000. Shay Capital LLC boosted its position in New Era Helium by 114.1% during the third quarter. Shay Capital LLC now owns 188,930 shares of the company’s stock worth $86,000 after purchasing an additional 100,692 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in New Era Helium in the second quarter valued at approximately $344,000. 21.90% of the stock is owned by hedge funds and other institutional investors.

About New Era Helium

New Era Helium, Inc is an exploration and production company that sources helium produced in association with the production of natural gas reserves in North America. The company was founded in 2023 and is headquartered in Midland, TX.