Is Nine Energy Service Inc (NYSE: NINE) Stock Ready For A Higher Run In Its Share Price?

In the last trading session, 1.12 million Nine Energy Service Inc (NYSE:NINE) shares changed hands as the company’s beta touched 3.37. With the company’s per share price at $2.14 changed hands at $0.18 or 9.18% during last session, the market valuation stood at $75.58M. NINE’s last price was a discount, traded about -699.07% off its 52-week high of $17.10. The share price had its 52-week low at $1.84, which suggests the last value was 14.02% up since then. When we look at Nine Energy Service Inc’s average trading volume, we note the 10-day average is 1.48 million shares, with the 3-month average coming to 812.39K.

Analysts gave the Nine Energy Service Inc (NINE) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 3.00. If we narrow down to specifics, the data shows that 1 out of 2 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended NINE as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight. Nine Energy Service Inc’s EPS for the current quarter is expected to be -$0.35.

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Nine Energy Service Inc (NYSE:NINE) trade information

Instantly NINE was in green as seen at the end of in last trading. With action 0.47%, the performance over the past five days has been green. The jump to weekly highs of 2.2900 on Monday, 11/20/23 added 9.18% to the stock’s daily price. The company’s shares are showing year-to-date downside of -85.27%, with the 5-day performance at 0.47% in the green. However, in the 30-day time frame, Nine Energy Service Inc (NYSE:NINE) is -45.69% down. Looking at the short shares, we see there were 2.56 million shares sold at short interest cover period of 3.52 days.

The consensus price target for the stock as assigned by Wall Street analysts is $4.50, meaning bulls need an upside of 52.44% from its current market value. According to analyst projections, NINE’s forecast low is $3.00 with $6.00 as the target high. To hit the forecast high, the stock’s price needs a -180.37% plunge from its current level, while the stock would need to soar -40.19% for it to hit the projected low.

Nine Energy Service Inc (NINE) estimates and forecasts

Data shows that the Nine Energy Service Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -37.61% over the past 6 months, a -280.00% in annual growth rate that is considerably lower than the industry average of 19.40%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Nine Energy Service Inc will fall -220.70%, while the growth in revenue is estimated to hit -1,266.70% for the next quarter. Year-over-year growth is forecast to reach 2.60% up from the last financial year.

Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $142.15 million. The company’s revenue for the corresponding quarters a year ago was $166.67 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -14.70%.

The 2023 estimates are for Nine Energy Service Inc earnings to decrease by -289.49%.

NINE Dividends

Nine Energy Service Inc is expected to release its next quarterly earnings report on November 07.

Nine Energy Service Inc (NYSE:NINE)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 21.96% of Nine Energy Service Inc shares while 61.11% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 78.31%. There are 61.11% institutions holding the Nine Energy Service Inc stock share, with SCF Partners, Inc. the top institutional holder. As of Jun 29, 2023, the company held 25.71% of the shares, roughly 9.09 million NINE shares worth $34.8 million.

Gendell, Jeffrey L. holds the second largest percentage of outstanding shares, with 7.60% or 2.69 million shares worth $10.3 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Oberweis Micro-Cap Portfolio. With 0.51 million shares estimated at $1.95 million under it, the former controlled 1.44% of total outstanding shares. On the other hand, Oberweis Micro-Cap Portfolio held about 0.67% of the shares, roughly 0.24 million shares worth around $0.9 million.

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