NI Holdings Inc (NASDAQ:NODK) Sees Significant Growth in Short Interest

NI Holdings Inc (NASDAQ:NODK) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 30,200 shares, a growth of 22.3% from the April 30th total of 24,700 shares. Approximately 0.3% of the company’s shares are short sold. Based on an average daily trading volume, of 13,100 shares, the days-to-cover ratio is presently 2.3 days.

Large investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its stake in shares of NI by 520.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock valued at $33,000 after purchasing an additional 1,727 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of NI in the 4th quarter valued at about $45,000. Bank of America Corp DE lifted its stake in shares of NI by 41.3% in the 4th quarter. Bank of America Corp DE now owns 6,373 shares of the company’s stock valued at $100,000 after purchasing an additional 1,862 shares during the period. Martingale Asset Management L P lifted its stake in shares of NI by 14.7% in the 4th quarter. Martingale Asset Management L P now owns 11,702 shares of the company’s stock valued at $185,000 after purchasing an additional 1,500 shares during the period. Finally, Rhumbline Advisers acquired a new position in shares of NI in the 4th quarter valued at about $217,000. 20.66% of the stock is currently owned by institutional investors.

Shares of NASDAQ:NODK traded down $0.27 during midday trading on Thursday, reaching $17.73. The company’s stock had a trading volume of 10,393 shares, compared to its average volume of 10,554. The company has a market capitalization of $393.77 million, a price-to-earnings ratio of 12.04 and a beta of 0.01. NI has a fifty-two week low of $14.37 and a fifty-two week high of $19.64.

NI (NASDAQ:NODK) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.62 earnings per share (EPS) for the quarter. The company had revenue of $60.57 million for the quarter. NI had a return on equity of 12.44% and a net margin of 16.51%.

NODK has been the topic of several recent research reports. TheStreet raised NI from a “c” rating to a “b-” rating in a report on Monday, May 20th. BidaskClub raised NI from a “hold” rating to a “buy” rating in a report on Thursday, June 13th.

NI Company Profile

NI Holdings, Inc underwrites property and casualty insurance products in North Dakota, South Dakota, Nebraska, Minnesota, Nevada, Arizona, and Illinois. Its products include multi-peril crop, crop hail, private passenger automobile, farm owners, homeowners, and commercial property and liability insurance policies, as well as non-standard automobile insurance products.

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