Nine Energy Service, Inc. (NYSE:NINE) Sees Large Growth in Short Interest

Nine Energy Service, Inc. (NYSE:NINE) saw a significant increase in short interest during the month of January. As of January 30th, there was short interest totaling 5,463,776 shares, an increase of 123.4% from the January 15th total of 2,445,502 shares. Currently, 13.1% of the shares of the company are sold short. Based on an average daily trading volume, of 3,884,985 shares, the short-interest ratio is presently 1.4 days. Based on an average daily trading volume, of 3,884,985 shares, the short-interest ratio is presently 1.4 days. Currently, 13.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Nine Energy Service

Several hedge funds have recently made changes to their positions in the company. Williams & Novak LLC acquired a new stake in shares of Nine Energy Service in the 4th quarter valued at $37,000. Two Sigma Investments LP acquired a new position in Nine Energy Service during the third quarter worth $47,000. Truist Financial Corp bought a new position in Nine Energy Service during the second quarter valued at about $73,000. Finally, GSA Capital Partners LLP lifted its position in shares of Nine Energy Service by 12.8% in 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 during the last quarter. Hedge funds and other institutional investors own 57.61% of the company’s stock.

Wall Street Analyst Weigh In

NINE has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Nine Energy Service to a “strong sell” rating in a research note on Saturday, January 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nine Energy Service in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Nine Energy Service Price Performance

Shares of NYSE:NINE remained flat at $0.59 on Thursday. Nine Energy Service has a fifty-two week low of $0.25 and a fifty-two week high of $1.55. The stock has a market cap of $25.42 million, a price-to-earnings ratio of -0.59 and a beta of 2.22. The firm’s 50-day simple moving average is $0.44 and its 200 day simple moving average is $0.55.

About Nine Energy Service

Nine Energy Service, Inc (NYSE: NINE) is a Houston, Texas–based oilfield services company specializing in completion and production equipment and services for the upstream oil and gas industry. The company traces its roots to the Keane Group, a wireline and completion‐service provider founded in the late 1990s, and was rebranded as Nine Energy Service in 2017 following a corporate realignment. Today, Nine offers an integrated suite of services that spans the full life cycle of a well.

Nine Energy Service’s core offerings include hydraulic fracturing horsepower, high‐pressure fluid pumps, nitrogen pumping units, and sand management systems.