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

Flotek Industries, Inc. (NYSE:FTK) saw a significant decline in short interest in the month of 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 daily volume of 56,600 shares, the short-interest ratio is currently 7.7 days. Currently, 1.5% of the shares of the company are sold short.

Flotek Industries Stock Performance

Shares of FTK traded up $0.13 during trading hours on Wednesday, hitting $4.76. The stock had a trading volume of 14,847 shares, compared to its average volume of 57,847. The firm has a 50-day moving average price of $4.10 and a 200 day moving average price of $3.61. Flotek Industries has a fifty-two week low of $2.64 and a fifty-two week high of $5.70. The firm has a market capitalization of $141.17 million, a price-to-earnings ratio of 119.00 and a beta of 1.08.

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

Hedge Funds Weigh In On Flotek Industries

A number of large investors have recently bought and sold shares of the business. Segment Wealth Management LLC acquired a new stake in Flotek Industries in the fourth quarter valued at approximately $241,000. Sanders Morris Harris LLC purchased a new position in shares of Flotek Industries during the 1st quarter valued at approximately $223,000. Masters Capital Management LLC grew its stake in Flotek Industries by 44.4% in the 4th quarter. Masters Capital Management LLC now owns 481,476 shares of the oil and gas company’s stock valued at $1,887,000 after acquiring an additional 148,140 shares during the period. Pingora Partners LLC purchased a new stake in Flotek Industries in the 4th quarter worth $46,000. Finally, Vanguard Group Inc. raised its position in 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 worth $2,039,000 after acquiring an additional 39,695 shares during the period. Institutional investors and hedge funds own 10.90% of the company’s stock.

Analyst Upgrades and Downgrades

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

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).