New Era Helium (NASDAQ:NEHC) Shares Down 8.1% – Should You Sell?
by Amy Steele · The Cerbat GemShares of New Era Helium Inc. (NASDAQ:NEHC – Get Free Report) traded down 8.1% during trading on Thursday . The company traded as low as $3.23 and last traded at $3.27. 3,800,446 shares changed hands during trading, an increase of 335% from the average session volume of 874,269 shares. The stock had previously closed at $3.56.
New Era Helium Stock Performance
The stock’s 50-day moving average price is $4.19 and its 200-day moving average price is $2.28. The company has a market capitalization of $51.82 million, a price-to-earnings ratio of -8.73 and a beta of 0.19.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new stake in New Era Helium in the 2nd quarter valued at about $344,000. W.G. Shaheen & Associates DBA Whitney & Co purchased a new stake in shares of New Era Helium in the third quarter valued at about $28,000. Finally, Shay Capital LLC grew its position in shares of New Era Helium by 114.1% in the third quarter. Shay Capital LLC now owns 188,930 shares of the company’s stock valued at $86,000 after purchasing an additional 100,692 shares during the last quarter. Institutional investors and hedge funds own 21.90% of the company’s stock.
About New Era Helium
New Era Helium Inc (NASDAQ: NEHC) is a mineral exploration company focused on the identification, acquisition and development of helium-bearing properties. The company’s primary objective is to bring new sources of helium to market, addressing global shortages of this strategic gas used in sectors ranging from healthcare and electronics to aerospace and scientific research.
New Era Helium holds a portfolio of exploration licences and leases in North America and Europe, with a particular emphasis on underexplored basins known to host helium accumulations.