Short Interest in Flotek Industries, Inc. (NYSE:FTK) Drops By 7.3%

Flotek Industries, Inc. (NYSE:FTK) was the recipient of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 609,500 shares, a drop of 7.3% from the January 15th total of 657,800 shares. Based on an average daily volume of 245,400 shares, the short-interest ratio is presently 2.5 days. Currently, 2.1% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FTK. Tower Research Capital LLC TRC acquired a new position in shares of Flotek Industries during the 4th quarter worth approximately $42,000. XTX Topco Ltd acquired a new position in shares of Flotek Industries during the 3rd quarter worth approximately $53,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Flotek Industries during the 4th quarter worth approximately $57,000. Wilmington Savings Fund Society FSB purchased a new stake in Flotek Industries in the 3rd quarter worth approximately $60,000. Finally, Barclays PLC purchased a new stake in Flotek Industries in the 3rd quarter worth approximately $66,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Flotek Industries Price Performance

Shares of Flotek Industries stock opened at $9.23 on Wednesday. Flotek Industries has a 1 year low of $2.64 and a 1 year high of $10.35. The company has a market capitalization of $275.11 million, a P/E ratio of 35.51 and a beta of 1.18. The business has a 50 day moving average price of $8.72 and a 200 day moving average price of $6.63.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm raised their price objective on shares of Flotek Industries from $6.50 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

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).