Nine Energy Service (NYSE:NINE) Shares Down 6.7% – What’s Next?

Nine Energy Service, Inc. (NYSE:NINE) shares fell 6.7% on Monday . The stock traded as low as $0.3088 and last traded at $0.3220. 2,579,699 shares traded hands during trading, an increase of 212% from the average session volume of 825,607 shares. The stock had previously closed at $0.3450.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NINE. Weiss Ratings reissued a “sell (e+)” rating on shares of Nine Energy Service in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Nine Energy Service from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Nine Energy Service Price Performance

The business’s 50 day moving average is $0.51 and its 200-day moving average is $0.64. The company has a market cap of $13.96 million, a PE ratio of -0.32 and a beta of 2.22.

Nine Energy Service (NYSE:NINE) last released its quarterly earnings data on Thursday, October 30th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.05). The business had revenue of $132.03 million for the quarter, compared to the consensus estimate of $139.16 million. As a group, sell-side analysts predict that Nine Energy Service, Inc. will post -1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Nine Energy Service

A number of institutional investors and hedge funds have recently modified their holdings of NINE. Aristeia Capital L.L.C. purchased a new stake in shares of Nine Energy Service in the first quarter valued at $428,000. Truist Financial Corp purchased a new stake in Nine Energy Service in the second quarter valued at approximately $73,000. GSA Capital Partners LLP increased its holdings in shares of Nine Energy Service by 12.8% during the 3rd quarter. GSA Capital Partners LLP now owns 278,509 shares of the company’s stock worth $176,000 after buying an additional 31,562 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new position in shares of Nine Energy Service in the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 57.61% of the company’s stock.

About Nine Energy Service

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.