Nelnet, Inc. (NYSE:NNI) Sees Large Increase in Short Interest

Nelnet, Inc. (NYSE:NNI) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 297,200 shares, a growth of 31.2% from the August 30th total of 226,500 shares. Based on an average trading volume of 79,800 shares, the days-to-cover ratio is presently 3.7 days. Approximately 1.6% of the shares of the company are sold short.

Shares of NNI stock traded down $0.44 during trading hours on Monday, hitting $60.22. The stock had a trading volume of 41,400 shares, compared to its average volume of 67,757. The firm has a market capitalization of $2.40 billion, a PE ratio of 10.90 and a beta of 0.39. Nelnet has a twelve month low of $47.59 and a twelve month high of $69.97. The stock’s 50 day moving average is $65.15 and its 200 day moving average is $61.34. The company has a debt-to-equity ratio of 9.15, a current ratio of 70.11 and a quick ratio of 70.11.

Nelnet (NYSE:NNI) last posted its quarterly earnings data on Thursday, August 8th. The credit services provider reported $1.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.08. The business had revenue of $241.97 million during the quarter, compared to the consensus estimate of $281.00 million. Nelnet had a return on equity of 9.61% and a net margin of 7.45%. During the same period in the prior year, the company earned $1.30 earnings per share.

Separately, ValuEngine downgraded Nelnet from a “hold” rating to a “sell” rating in a report on Friday, September 20th.

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in shares of Nelnet by 191.5% in the second quarter. Royal Bank of Canada now owns 2,131 shares of the credit services provider’s stock valued at $126,000 after acquiring an additional 1,400 shares during the period. Rational Advisors LLC acquired a new stake in shares of Nelnet during the second quarter worth $175,000. Burney Co. acquired a new stake in shares of Nelnet during the first quarter worth $205,000. Commonwealth Bank of Australia lifted its holdings in shares of Nelnet by 34.6% during the second quarter. Commonwealth Bank of Australia now owns 3,500 shares of the credit services provider’s stock worth $207,000 after purchasing an additional 900 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Nelnet during the first quarter worth $232,000. 34.98% of the stock is owned by institutional investors and hedge funds.

About Nelnet

Nelnet, Inc provides education related products and services, and loan asset management services worldwide. The company's Loan Servicing and Systems is involved in loan servicing activities, such as loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing activities for student loan portfolio and third-party clients.

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