Independence Contract Drilling (NYSE:ICD) Stock Crosses Below 200-Day Moving Average of $3.60

Posted by Francis Steltz on Mar 19th, 2023

Independence Contract Drilling, Inc. (NYSE:ICD – Get Rating)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $3.60 and traded as low as $2.96. Independence Contract Drilling shares last traded at $3.03, with a volume of 128,753 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com cut Independence Contract Drilling from a “hold” rating to a “sell” rating in a research note on Friday, March 10th.

Independence Contract Drilling Price Performance

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.96 and a current ratio of 0.99. The company has a 50 day moving average price of $4.05 and a 200 day moving average price of $3.60.

Insider Buying and Selling

In related news, Director Msd Partners, L.P. sold 63,607 shares of the firm’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $3.02, for a total transaction of $192,093.14. Following the transaction, the director now directly owns 1,954,794 shares in the company, valued at $5,903,477.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Msd Capital L. P sold 15,060 shares of the firm’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $3.02, for a total transaction of $45,481.20. Following the transaction, the insider now directly owns 60,089 shares in the company, valued at $181,468.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Msd Partners, L.P. sold 63,607 shares of the firm’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $3.02, for a total value of $192,093.14. Following the transaction, the director now owns 1,954,794 shares in the company, valued at $5,903,477.88. The disclosure for this sale can be found here. Insiders have sold 377,340 shares of company stock worth $1,121,646 over the last ninety days. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Independence Contract Drilling

Several large investors have recently added to or reduced their stakes in the stock. Belvedere Trading LLC acquired a new stake in Independence Contract Drilling in the fourth quarter worth $38,000. Tejara Capital Ltd acquired a new stake in Independence Contract Drilling in the fourth quarter worth $664,000. Schonfeld Strategic Advisors LLC increased its position in Independence Contract Drilling by 72.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 22,300 shares of the oil and gas company’s stock worth $73,000 after buying an additional 9,400 shares during the period. Millennium Management LLC increased its position in Independence Contract Drilling by 68.8% in the fourth quarter. Millennium Management LLC now owns 171,951 shares of the oil and gas company’s stock worth $562,000 after buying an additional 70,079 shares during the period. Finally, Susquehanna International Group LLP increased its position in Independence Contract Drilling by 149.0% in the fourth quarter. Susquehanna International Group LLP now owns 42,764 shares of the oil and gas company’s stock worth $140,000 after buying an additional 25,587 shares during the period. 42.29% of the stock is owned by institutional investors and hedge funds.

About Independence Contract Drilling

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Independence Contract Drilling, Inc engages in the provision of land-based contract drilling services for oil and natural gas producers. It develops and assembles the sharedriller series rig design. Its series are AC programmable, and energy efficient BiFuel. The company was founded by Philip A. Choyce and Byron A.