Ernie L. Danner, a director at Nine Energy Service, Inc. (NYSE:NINE), has sold a significant portion of his holdings in the company. On May 9, 2024, Danner sold 136,853 shares of common stock at an average price of $1.984 per share, totaling approximately $271,516.
The shares were sold in multiple transactions with prices ranging from $1.950 to $2.025. Following this sale, Danner retains direct ownership of 79,719 shares. Additionally, it was disclosed that Danner indirectly owns another 36,403 shares through Autumn Plecher, LP, a limited partnership of which he owns 100%.
This transaction was publicly filed as per regulatory requirements and provides current shareholders and potential investors with insight into the actions of the company's insiders. The detailed information regarding the number of shares sold at each price point within the specified range is available upon request from Nine Energy Service or the U.S. Securities and Exchange Commission.
Nine Energy Service, Inc., based in Houston, Texas, operates in the oil and gas field services industry and is known for providing completion and production services to unconventional oil and gas resources. Investors and market watchers often monitor insider transactions closely as they may provide signals about the company's financial health and future prospects.
InvestingPro Insights
Recent market activities have shown that Nine Energy Service, Inc. (NYSE:NINE) is currently facing several challenges, as reflected in the company's stock performance and financial metrics. An InvestingPro analysis reveals key insights into the company's current state:
One of the notable InvestingPro Tips for Nine Energy Service is that the stock has experienced a significant decline over the past month, with a 36.15% drop in price total return. This underperformance is further underscored by the stock trading near its 52-week low, which could indicate a potential buying opportunity for value investors or could signal caution due to underlying issues within the company.
Financially, Nine Energy Service's revenue has decreased by 8.07% over the last twelve months as of Q1 2024, suggesting a challenging operating environment. Additionally, the company's gross profit margin stands at 18.46%, which aligns with the InvestingPro Tip highlighting weak gross profit margins.
Despite the current headwinds, Nine Energy Service has a silver lining in its liquidity position. The company's liquid assets are sufficient to cover its short-term obligations, providing some financial stability in the near term.
For investors seeking a more comprehensive understanding of Nine Energy Service's financial health and stock performance, InvestingPro offers a wealth of additional tips. In fact, there are seven more InvestingPro Tips available for Nine Energy Service, which can be found at https://www.investing.com/pro/NINE. For those interested in a deeper dive into these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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