Nine Energy (NYSE:NINE) is in the news today as investors push heavy trading of penny stocks in the oil sector alongside rising crude prices.
When it comes to NINE stock, there’s actually not much in the way of analyst coverage. Currently, only one analyst is covering the shares and they have a “hold” rating for NINE. There’s also no price target for investors to keep an eye on.
With that in mind, investors should understand that NINE stock could be risky to take a stake in. However, that risk also means there’s potential for great growth if the current rally continues to push the company’s shares higher.
On the flip side of that, NINE is a penny stock and that’s always something to be wary of. It’s easy for retail traders to pump and dump these shares due to the low entry point that allows for manipulation.
Even taking that into account, we’re seeing heavy trading of NINE stock today. As of this writing, more than 21 million shares of the stock have changed hands. For the record, the company’s daily average trading volume is only about 443,000 shares.
Nine Energy’s main business has it focusing on onshore oil and gas resource development in North America. If offers a variety of services to oil companies that manage wells at various basins.
NINE stock is up 112.3% as of Monday morning.
There’s more stock market news that traders need to know about below!
We’ve got all the hottest stock market news that investors need to know about for Monday! Among that is Coinbase (NASDAQ:COIN) weighing in on crypto sanctions against Russia, what’s happening with Bed Bath & Beyond (NASDAQ:BBBY), as well as the latest Occidental Petroleum (NYSE:OXY) stock news. You can find all of this at the following links!
More Stock Market News for Monday
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- Why Is Occidental Petroleum (OXY) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed