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

Flotek Industries, Inc. (NYSE:FTK) saw a significant increase in short interest in November. As of November 30th, there was short interest totalling 553,100 shares, an increase of 7.3% from the November 15th total of 515,700 shares. Currently, 1.9% of the company’s stock are sold short. Based on an average daily volume of 158,100 shares, the days-to-cover ratio is presently 3.5 days.

Analyst Upgrades and Downgrades

Separately, Roth Mkm increased their price target on Flotek Industries from $6.50 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Hedge Funds Weigh In On Flotek Industries

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in 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 buying an additional 39,695 shares during the period. Geode Capital Management LLC grew its holdings in Flotek Industries by 108.1% during the 3rd quarter. Geode Capital Management LLC now owns 297,483 shares of the oil and gas company’s stock worth $1,483,000 after acquiring an additional 154,497 shares in the last quarter. Sanders Morris Harris LLC acquired a new stake in Flotek Industries during the third quarter valued at approximately $137,000. PDT Partners LLC bought a new stake in Flotek Industries during the third quarter valued at $86,000. Finally, Barclays PLC bought a new position in Flotek Industries in the third quarter worth about $66,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Price Performance

Shares of Flotek Industries stock traded down $0.25 on Tuesday, reaching $7.75. 111,986 shares of the company were exchanged, compared to its average volume of 92,866. The company has a market cap of $230.92 million, a P/E ratio of 29.81 and a beta of 1.24. The stock’s 50 day moving average price is $6.71 and its 200-day moving average price is $5.32. Flotek Industries has a 1-year low of $2.64 and a 1-year high of $9.14.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Monday, November 4th. The oil and gas company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $49.74 million for the quarter, compared to analyst estimates of $50.40 million. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. During the same period in the previous year, the business posted $0.04 earnings per share. On average, research analysts predict that Flotek Industries will post 0.29 earnings per share for the current fiscal year.

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).