Borr Drilling (NASDAQ:BORR) Shares Down 11.3%

Borr Drilling Limited (NASDAQ:BORR) shares were down 11.3% on Wednesday . The stock traded as low as $1.25 and last traded at $1.42, approximately 2,272,085 shares traded hands during trading. An increase of 305% from the average daily volume of 561,357 shares. The stock had previously closed at $1.60.

Several equities research analysts have recently weighed in on BORR shares. BTIG Research cut shares of Borr Drilling from a “buy” rating to a “neutral” rating in a research report on Tuesday, March 31st. SEB Equities lowered shares of Borr Drilling from a “buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Finally, DNB Markets lowered shares of Borr Drilling from a “buy” rating to a “hold” rating in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Borr Drilling currently has a consensus rating of “Hold” and a consensus price target of $7.00.

The company’s fifty day moving average price is $1.45 and its 200 day moving average price is $5.32.

Hedge funds have recently made changes to their positions in the company. Barclays PLC purchased a new stake in shares of Borr Drilling in the third quarter valued at about $131,000. Jupiter Wealth Management LLC purchased a new stake in Borr Drilling during the fourth quarter worth about $226,000. Mraz Amerine & Associates Inc. purchased a new stake in Borr Drilling during the fourth quarter worth about $279,000. Williams Jones Wealth Management LLC. increased its holdings in Borr Drilling by 32.2% during the fourth quarter. Williams Jones Wealth Management LLC. now owns 46,255 shares of the company’s stock worth $419,000 after buying an additional 11,255 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in Borr Drilling during the third quarter worth about $428,000.

About Borr Drilling (NASDAQ:BORR)

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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