Prairie Operating Co. (NASDAQ:PROP) Short Interest Down 43.0% in March

Prairie Operating Co. (NASDAQ:PROP) saw a large decline in short interest in March. As of March 13th, there was short interest totaling 4,662,930 shares, a decline of 43.0% from the February 26th total of 8,186,045 shares. Approximately 9.2% of the company’s shares are short sold. Based on an average trading volume of 4,324,343 shares, the days-to-cover ratio is presently 1.1 days.

Analyst Ratings Changes

PROP has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Prairie Operating in a research note on Monday, December 29th. Zacks Research downgraded Prairie Operating from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 5th. Finally, William Blair set a $3.50 target price on Prairie Operating in a research report on Tuesday, March 3rd. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $6.10.

Prairie Operating Stock Down 10.0%

NASDAQ PROP traded down $0.21 during mid-day trading on Friday, hitting $1.84. The company’s stock had a trading volume of 1,941,693 shares, compared to its average volume of 2,406,483. The firm has a market capitalization of $109.45 million, a price-to-earnings ratio of -0.57 and a beta of 2.44. The company’s 50 day simple moving average is $1.78 and its 200 day simple moving average is $1.83. The company has a current ratio of 0.83, a quick ratio of 0.80 and a debt-to-equity ratio of 4.11. Prairie Operating has a twelve month low of $1.31 and a twelve month high of $5.99.

Insider Buying and Selling at Prairie Operating

In related news, major shareholder Nominees Pty Ltd Atf Narrogal bought 210,981 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The shares were bought at an average price of $1.61 per share, for a total transaction of $339,679.41. Following the transaction, the insider directly owned 15,481,603 shares of the company’s stock, valued at approximately $24,925,380.83. The trade was a 1.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of Prairie Operating by 878.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 116,227 shares of the company’s stock worth $196,000 after acquiring an additional 104,345 shares during the last quarter. Aristides Capital LLC acquired a new position in Prairie Operating during the 4th quarter valued at about $135,000. Wellington Management Group LLP increased its holdings in Prairie Operating by 17.9% during the 4th quarter. Wellington Management Group LLP now owns 90,910 shares of the company’s stock worth $154,000 after purchasing an additional 13,787 shares in the last quarter. Quadrature Capital Ltd increased its holdings in Prairie Operating by 130.6% during the 4th quarter. Quadrature Capital Ltd now owns 184,446 shares of the company’s stock worth $312,000 after purchasing an additional 104,472 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of Prairie Operating in the fourth quarter worth approximately $25,000. 34.28% of the stock is currently owned by institutional investors and hedge funds.

About Prairie Operating

Prairie Operating (NASDAQ: PROP) is a publicly traded independent exploration and production company focused on the acquisition, development and operation of onshore oil and natural gas properties in the United States. The firm seeks to identify and capitalize on undervalued or overlooked assets, applying a disciplined approach to drilling, completion and production optimization. By concentrating on core resource plays, Prairie Operating aims to deliver steady production growth and free cash flow.

The company’s asset base is concentrated in the Permian Basin region of West Texas and southeastern New Mexico, where it holds working interests in both conventional and unconventional reservoirs.