Short Interest in NI Holdings, Inc. (NASDAQ:NODK) Grows By 87.7%

NI Holdings, Inc. (NASDAQ:NODK) was the recipient of a significant growth in short interest in March. As of March 13th, there was short interest totaling 57,199 shares, a growth of 87.7% from the February 26th total of 30,472 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average daily volume of 18,607 shares, the days-to-cover ratio is presently 3.1 days.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of NI from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, February 17th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

Hedge Funds Weigh In On NI

Institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. raised its position in NI by 158.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,083 shares of the company’s stock valued at $55,000 after purchasing an additional 2,505 shares during the last quarter. Wells Fargo & Company MN grew its position in NI by 46.2% during the 4th quarter. Wells Fargo & Company MN now owns 7,677 shares of the company’s stock worth $102,000 after purchasing an additional 2,426 shares during the last quarter. AQR Capital Management LLC acquired a new position in NI in the first quarter valued at $143,000. AE Wealth Management LLC acquired a new position in NI in the third quarter valued at $151,000. Finally, Barclays PLC raised its holdings in shares of NI by 11.9% in the fourth quarter. Barclays PLC now owns 12,749 shares of the company’s stock valued at $170,000 after buying an additional 1,359 shares during the last quarter. 21.89% of the stock is owned by institutional investors and hedge funds.

NI Trading Down 0.3%

Shares of NI stock traded down $0.04 on Thursday, hitting $12.91. The stock had a trading volume of 10,660 shares, compared to its average volume of 24,448. The stock has a market cap of $265.17 million, a price-to-earnings ratio of -26.35 and a beta of 0.39. NI has a 52-week low of $12.01 and a 52-week high of $14.70. The company’s 50 day moving average price is $13.27 and its 200 day moving average price is $13.42.

NI (NASDAQ:NODK) last released its quarterly earnings results on Friday, March 6th. The company reported ($0.15) earnings per share (EPS) for the quarter. The firm had revenue of $60.99 million for the quarter. NI had a negative return on equity of 4.24% and a negative net margin of 3.65%.

About NI

NI Holdings, Inc underwrites property and casualty insurance products in the United States. Its products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc operates as a subsidiary of Nodak Mutual Group, Inc