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

Flotek Industries, Inc. (NYSE:FTK) saw a large growth in short interest in 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. Based on an average daily trading volume, of 84,700 shares, the days-to-cover ratio is presently 6.1 days. Approximately 1.8% of the shares of the stock are sold short.

Hedge Funds Weigh In On Flotek Industries

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

Flotek Industries Stock Up 0.2 %

Shares of FTK stock traded up $0.01 during mid-day trading on Monday, reaching $4.31. 43,183 shares of the stock traded hands, compared to its average volume of 65,167. The stock’s fifty day simple moving average is $4.58 and its two-hundred day simple moving average is $3.86. Flotek Industries has a 1-year low of $2.64 and a 1-year high of $5.70. The company has a market cap of $127.82 million, a price-to-earnings ratio of 107.50 and a beta of 1.08.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. The firm had revenue of $46.15 million during the quarter, compared to analyst estimates of $46.60 million. Flotek Industries had a net margin of 2.73% and a return on equity of 1.77%. During the same quarter last year, the business earned ($0.24) EPS. On average, equities research analysts anticipate that Flotek Industries will post 0.26 EPS for the current fiscal year.

Analysts Set New Price Targets

FTK has been the subject of several recent analyst reports. Roth Mkm started coverage on Flotek Industries in a research note on Thursday, July 25th. They set a “buy” rating and a $6.50 target price for the company. Roth Capital raised Flotek Industries to a “strong-buy” rating in a research note on Thursday, July 25th. Finally, Alliance Global Partners started coverage on Flotek Industries in a research report on Monday, April 29th. They issued a “buy” rating and a $7.00 target price on the stock. One research analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $6.75.

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).