Flotek Industries, Inc. (NYSE:FTK) Sees Significant Decrease in Short Interest

Flotek Industries, Inc. (NYSE:FTK) saw a large decline in short interest in June. As of June 15th, there was short interest totalling 433,800 shares, a decline of 6.3% from the May 31st total of 463,000 shares. Based on an average trading volume of 56,600 shares, the days-to-cover ratio is currently 7.7 days. Currently, 1.5% of the company’s stock are short sold.

Flotek Industries Stock Performance

Shares of NYSE FTK traded down $0.07 during trading hours on Tuesday, hitting $4.62. The stock had a trading volume of 33,277 shares, compared to its average volume of 58,186. The company has a market capitalization of $137.03 million, a P/E ratio of 115.47 and a beta of 1.08. The firm’s 50-day moving average price is $4.07 and its two-hundred day moving average price is $3.60. Flotek Industries has a 52 week low of $2.64 and a 52 week high of $5.70.

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

Institutional Investors Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTK. Pingora Partners LLC acquired a new position in shares of Flotek Industries during the fourth quarter worth approximately $46,000. Sanders Morris Harris LLC acquired a new position in shares of Flotek Industries in the first quarter valued at $223,000. Segment Wealth Management LLC acquired a new position in shares of Flotek Industries in the fourth quarter valued at $241,000. Masters Capital Management LLC raised its stake in shares of Flotek Industries by 3.8% in the first 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 in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Flotek Industries by 7.9% in 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. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. TheStreet raised Flotek Industries from a “d” rating to a “c-” rating in a research note on Wednesday, March 13th. Alliance Global Partners assumed coverage on Flotek Industries in a research note on Monday, April 29th. They set a “buy” rating and a $7.00 target price on the stock.

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).