Nine Energy Service (NYSE:NINE) Stock Price Down 2.2% – Here’s Why

Nine Energy Service, Inc. (NYSE:NINE) shares dropped 2.2% during trading on Monday . The stock traded as low as $1.10 and last traded at $1.13. Approximately 237,825 shares were traded during trading, a decline of 75% from the average daily volume of 940,059 shares. The stock had previously closed at $1.15.

Nine Energy Service Stock Up 3.1 %

The firm has a 50 day simple moving average of $1.22 and a two-hundred day simple moving average of $1.20. The stock has a market capitalization of $49.76 million, a P/E ratio of -0.98 and a beta of 3.58.

Institutional Trading of Nine Energy Service

Institutional investors and hedge funds have recently modified their holdings of the business. Union Square Park Capital Management LLC acquired a new position in Nine Energy Service during the fourth quarter worth about $319,000. Two Sigma Investments LP bought a new stake in shares of Nine Energy Service during the 4th quarter valued at approximately $53,000. Millennium Management LLC acquired a new position in Nine Energy Service during the 4th quarter worth approximately $107,000. Northern Trust Corp lifted its stake in Nine Energy Service by 31.6% in the 4th quarter. Northern Trust Corp now owns 99,142 shares of the company’s stock valued at $111,000 after purchasing an additional 23,831 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Nine Energy Service in the fourth quarter valued at approximately $168,000. 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.