Nine Energy Service (NYSE:NINE) Trading Down 6.7% – Should You Sell?

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

Analyst Ratings Changes

NINE has been the subject of several recent analyst reports. Wall Street Zen downgraded Nine Energy Service from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nine Energy Service in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Nine Energy Service presently has a consensus rating of “Sell”.

Nine Energy Service Trading Down 6.7%

The stock has a fifty day moving average of $0.51 and a 200-day moving average of $0.64. The firm has a market capitalization of $13.96 million, a price-to-earnings ratio of -0.32 and a beta of 2.22.

Nine Energy Service (NYSE:NINE) last issued 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 firm had revenue of $132.03 million during the quarter, compared to analyst estimates of $139.16 million. As a group, equities research analysts forecast that Nine Energy Service, Inc. will post -1.12 earnings per share for the current fiscal year.

Institutional Trading of Nine Energy Service

Several large investors have recently modified their holdings of the company. GSA Capital Partners LLP grew its holdings in Nine Energy Service by 12.8% during the third 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 in the last quarter. Two Sigma Investments LP bought a new position in Nine Energy Service during the third quarter valued at about $47,000. Truist Financial Corp purchased a new stake in shares of Nine Energy Service during the 2nd quarter worth approximately $73,000. Finally, Aristeia Capital L.L.C. purchased a new stake in Nine Energy Service in the first quarter worth $428,000. 57.61% of the stock is owned by institutional investors.

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.