Borr Drilling Limited’s (NASDAQ:BORR) Lock-Up Period To End Tomorrow

Borr Drilling’s (NASDAQ:BORR) lock-up period will expire on Monday, January 27th. Borr Drilling had issued 5,000,000 shares in its initial public offering on July 31st. The total size of the offering was $46,500,000 based on an initial share price of $9.30. After the expiration of Borr Drilling’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

A number of equities research analysts have recently issued reports on the stock. Goldman Sachs Group assumed coverage on shares of Borr Drilling in a research report on Monday, December 9th. They issued a “buy” rating for the company. HSBC cut shares of Borr Drilling from a “buy” rating to a “hold” rating in a research report on Friday, December 6th.

Shares of Borr Drilling stock opened at $6.90 on Friday. The company has a 50-day simple moving average of $8.03. Borr Drilling has a 52-week low of $4.60 and a 52-week high of $16.15.

Borr Drilling (NASDAQ:BORR) last announced its earnings results on Tuesday, November 26th. The company reported ($0.72) earnings per share (EPS) for the quarter. The firm had revenue of $102.70 million for the quarter.

Several institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Borr Drilling in the third quarter valued at about $35,000. Barclays PLC bought a new stake in shares of Borr Drilling in the third quarter valued at about $131,000. Jupiter Wealth Management LLC bought a new stake in shares of Borr Drilling in the fourth quarter valued at about $226,000. Millennium Management LLC bought a new stake in shares of Borr Drilling in the third quarter valued at about $428,000. Finally, Pelham Capital Ltd. bought a new stake in shares of Borr Drilling in the third quarter valued at about $23,174,000.

Borr Drilling Company Profile

Borr Drilling Limited operates as an offshore drilling contractor to the oil and gas industry worldwide. As of December 31, 2018, the company operated a fleet of 27 jack-up drilling rigs. It provides drilling services to the oil and gas exploration and production industry. The company was formerly known as Magni Drilling Limited.

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