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

Flotek Industries, Inc. (NYSE:FTK) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 533,900 shares, a growth of 7.3% from the August 31st total of 497,600 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average trading volume of 112,000 shares, the days-to-cover ratio is presently 4.8 days.

Hedge Funds Weigh In On Flotek Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTK. Masters Capital Management LLC boosted its position in shares of Flotek Industries by 44.4% during 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 last quarter. Sanders Morris Harris LLC purchased a new position in Flotek Industries in the 1st quarter worth approximately $223,000. 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 worth $2,039,000 after buying an additional 39,695 shares in the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Roth Capital raised shares of Flotek Industries to a “strong-buy” rating in a research report on Thursday, July 25th. Roth Mkm started coverage on shares of Flotek Industries in a report on Thursday, July 25th. They set a “buy” rating and a $6.50 target price on the stock. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flotek Industries presently has a consensus rating of “Buy” and an average price target of $6.75.

Flotek Industries Trading Down 2.8 %

Shares of Flotek Industries stock traded down $0.14 on Tuesday, reaching $4.84. The stock had a trading volume of 32,183 shares, compared to its average volume of 77,275. The business’s 50 day moving average is $4.44 and its two-hundred day moving average is $4.19. Flotek Industries has a 1 year low of $2.64 and a 1 year high of $5.61. The company has a market cap of $143.54 million, a P/E ratio of 124.50 and a beta of 1.03.

Flotek Industries (NYSE:FTK) last posted its 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 business had revenue of $46.15 million for the quarter, compared to analysts’ expectations of $46.60 million. Flotek Industries had a net margin of 3.94% and a return on equity of 6.73%. During the same period in the prior year, the company posted ($0.24) EPS. On average, equities analysts anticipate that Flotek Industries will post 0.27 EPS 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).