Nine Energy Service (NYSE:NINE) Shares Down 2.2% – Here’s What Happened

Nine Energy Service, Inc. (NYSE:NINE) shares dropped 2.2% during mid-day trading on Monday . The company traded as low as $1.10 and last traded at $1.13. Approximately 237,825 shares traded hands 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 Performance

The company’s 50 day moving average price is $1.22 and its 200-day moving average price is $1.20. The stock has a market cap of $47.64 million, a P/E ratio of -0.94 and a beta of 3.58.

Institutional Investors Weigh In On Nine Energy Service

A number of institutional investors have recently added to or reduced their stakes in the company. Union Square Park Capital Management LLC bought a new position in shares of Nine Energy Service in the fourth quarter valued at approximately $319,000. Two Sigma Investments LP purchased a new position in Nine Energy Service in the fourth quarter worth $53,000. Millennium Management LLC bought a new position in Nine Energy Service in the 4th quarter valued at $107,000. Northern Trust Corp increased its position in shares of Nine Energy Service by 31.6% during 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 bought a new stake in shares of Nine Energy Service during the 4th quarter worth $168,000. 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.