Nelnet, Inc. (NYSE:NNI) sees sharp rise in short-term interest

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Nelnet, Inc. (NYSE:NNI – Get Rating) was the target of a surge in short-term interest in May. As of May 31, there was short interest totaling 455,200 shares, a 36.4% increase from the May 15 total of 333,700 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily trading volume of 88,100 shares, the day-to-cover ratio is currently 5.2 days.

Separately, insider William J. Munn sold 500 shares of the company in a trade that took place on Monday, May 9. The stock was sold at an average price of $81.21, for a total value of $40,605.00. Following the completion of the sale, the insider now owns 21,271 shares of the company, valued at approximately $1,727,417.91. The sale was disclosed in a document filed with the SEC, which is available at this link. In the past three months, insiders have sold 1,500 shares of the company valued at $122,785. 50.30% of the shares are currently held by insiders of the company.

A number of hedge funds have recently increased or reduced their holdings in the stock. Empyrean Capital Partners LP increased its stake in Nelnet shares by 15.0% in the first quarter. Empyrean Capital Partners LP now owns 480,073 shares of the credit services provider valued at $40,801,000 after buying an additional 62,619 shares last quarter. State Street Corp increased its stake in Nelnet shares by 2.4% in the 1st quarter. State Street Corp now owns 356,301 shares of the credit service provider valued at $30,282,000 after buying an additional 8,434 shares last quarter. Snyder Capital Management LP increased its equity stake in Nelnet by 9.6% during the first quarter. Snyder Capital Management LP now owns 242,344 shares of the credit service provider worth $20,597,000 after acquiring an additional 21,130 shares during the period. QVT Financial LP increased its position in Nelnet shares by 24.6% during the 1st quarter. QVT Financial LP now owns 214,665 shares of the credit service provider valued at $18,244,000 after acquiring an additional 42,400 shares last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Nelnet by 3.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 205,780 shares of the credit service provider valued at $17,490,000 after acquiring an additional 7,144 shares during the period.

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NYSE NNI traded at $0.68 on Wednesday during trading, hitting $77.77. The company’s shares had a trading volume of 151,555 shares, compared to an average volume of 85,770. Nelnet has a 52-week low of $72.00 and a 52-week high of $99.79. The company has a market capitalization of $2.94 billion, a P/E ratio of 6.55 and a beta of 0.72. The company has a 50-day moving average price of $83.33 and a 200-day moving average price of $86.66. The company has a quick ratio of 72.66, a current ratio of 72.67 and a debt ratio of 5.43.

Nelnet (NYSE:NNI – Get Rating) last announced its results on Monday, May 9. The credit service provider reported earnings per share (EPS) of $1.99 for the quarter. Nelnet had a net margin of 27.45% and a return on equity of 10.39%. The company posted revenue of $481.56 million for the quarter.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15. Shareholders of record on Wednesday, June 1 will receive a dividend of $0.24 per share. This represents a dividend of $0.96 on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Tuesday, May 31. Nelnet’s dividend payout rate is currently 8.06%.

A number of equity research analysts have published NNI stock reports. StockNews.com upgraded Nelnet from a “hold” rating to a “buy” rating in a Friday, May 13 research report. Credit Suisse Group cut its price target on Nelnet shares from $96.00 to $92.00 and set a “neutral” rating for the company in a Wednesday, March 2 research report.

About Nelnet (Get an assessment)

Nelnet, Inc is engaged in lending services, communications, education technology, services and payment processing worldwide. The Loan Management and Systems segment provides loan conversion, application processing, borrower update, customer service, payment processing, due diligence procedures, funds management reconciliation and complaints handling.

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