Flotek Industries, Inc. (NYSE:FTK) Sees Large Decline in Short Interest

Flotek Industries, Inc. (NYSE:FTK) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 433,800 shares, a drop of 6.3% from the May 31st total of 463,000 shares. Based on an average daily trading volume, of 56,600 shares, the days-to-cover ratio is presently 7.7 days. Approximately 1.5% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTK. TheStreet upgraded shares of Flotek Industries from a “d” rating to a “c-” rating in a research report on Wednesday, March 13th. Alliance Global Partners assumed coverage on Flotek Industries in a report on Monday, April 29th. They issued a “buy” rating and a $7.00 target price on the stock.

Flotek Industries Price Performance

Shares of NYSE:FTK traded up $0.13 during mid-day trading on Wednesday, reaching $4.76. 14,847 shares of the company traded hands, compared to its average volume of 57,847. The company’s 50 day moving average price is $4.10 and its 200-day moving average price is $3.61. The firm has a market cap of $141.17 million, a PE ratio of 119.00 and a beta of 1.08. Flotek Industries has a 52 week low of $2.64 and a 52 week high of $5.70.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, May 7th. The oil and gas company reported $0.05 earnings per share for the quarter. The business had revenue of $40.37 million for the quarter. Flotek Industries had a net margin of 2.73% and a return on equity of 1.77%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Pingora Partners LLC purchased a new position in shares of Flotek Industries in the fourth quarter worth $46,000. Sanders Morris Harris LLC purchased a new stake in Flotek Industries in the 1st quarter worth $223,000. Segment Wealth Management LLC purchased a new stake in Flotek Industries in the 4th quarter worth $241,000. Masters Capital Management LLC boosted its holdings in shares of Flotek Industries by 3.8% during the 1st quarter. Masters Capital Management LLC now owns 500,000 shares of the oil and gas company’s stock valued at $1,870,000 after purchasing an additional 18,524 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Flotek Industries by 7.9% during the first quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock valued at $2,039,000 after purchasing an additional 39,695 shares in the last quarter. Hedge funds and other institutional investors own 10.90% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).