Flotek Industries, Inc. (NYSE:FTK – Get Free Report) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 518,000 shares, a growth of 11.0% from the July 15th total of 466,500 shares. Approximately 1.8% of the company’s stock are short sold. Based on an average daily trading volume, of 84,700 shares, the short-interest ratio is presently 6.1 days.
Institutional Trading of Flotek Industries
Several institutional investors have recently added to or reduced their stakes in the stock. Pingora Partners LLC acquired a new position in shares of Flotek Industries in the 4th quarter worth approximately $46,000. Sanders Morris Harris LLC bought a new position in Flotek Industries in the 1st quarter worth about $223,000. Masters Capital Management LLC increased its position in Flotek Industries by 3.8% in 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 acquiring an additional 18,524 shares during the period. Finally, Vanguard Group Inc. increased its holdings 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 during the period. 10.90% of the stock is owned by institutional investors and hedge funds.
Flotek Industries Stock Performance
Shares of NYSE:FTK traded up $0.02 during trading on Monday, hitting $4.32. The company’s stock had a trading volume of 32,698 shares, compared to its average volume of 65,101. The company has a market capitalization of $128.12 million, a PE ratio of 107.50 and a beta of 1.08. Flotek Industries has a fifty-two week low of $2.64 and a fifty-two week high of $5.70. The stock’s 50-day moving average price is $4.58 and its two-hundred day moving average price is $3.86.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on FTK. Roth Capital upgraded Flotek Industries to a “strong-buy” rating in a report on Thursday, July 25th. Alliance Global Partners began coverage on shares of Flotek Industries in a research note on Monday, April 29th. They set a “buy” rating and a $7.00 price objective on the stock. Finally, Roth Mkm started coverage on shares of Flotek Industries in a research note on Thursday, July 25th. They issued a “buy” rating and a $6.50 target price for the company. One research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.75.
Get Our Latest Stock Report on FTK
Flotek Industries Company Profile
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).
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