Flotek Industries Inc (NYSE:FTK) was the recipient of a large decline in short interest in July. As of July 31st, there was short interest totalling 5,974,000 shares, a decline of 5.1% from the June 30th total of 6,295,800 shares. Currently, 11.1% of the company’s stock are short sold. Based on an average trading volume of 468,400 shares, the short-interest ratio is presently 12.8 days.
FTK has been the subject of several recent research reports. Zacks Investment Research lowered Flotek Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. ValuEngine lowered Flotek Industries from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th.
In other news, Director John Chisholm sold 70,000 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $3.28, for a total value of $229,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Nierenberg purchased 101,250 shares of Flotek Industries stock in a transaction dated Monday, June 3rd. The stock was bought at an average cost of $3.12 per share, with a total value of $315,900.00. Following the completion of the transaction, the director now owns 106,772 shares in the company, valued at approximately $333,128.64. The disclosure for this purchase can be found here. Over the last three months, insiders bought 420,200 shares of company stock valued at $1,423,616. Corporate insiders own 7.26% of the company’s stock.
FTK opened at $2.03 on Friday. The firm has a market cap of $111.36 million, a price-to-earnings ratio of -3.50 and a beta of 3.00. The company has a current ratio of 7.60, a quick ratio of 5.44 and a debt-to-equity ratio of 0.08. Flotek Industries has a 12 month low of $0.95 and a 12 month high of $4.01. The stock has a fifty day moving average price of $2.89 and a 200-day moving average price of $3.15.
About Flotek Industries
Flotek Industries, Inc provides chemistry and services to the oil and gas industries in then United States and internationally. The company designs, develops, manufactures, packs, markets, distributes, and delivers reservoir-centric fluid systems, including specialty and conventional chemistries for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities, as well as use in enhanced and improved oil recovery markets under the Complex nano-Fluid, Pressure reducing Fluids, and MicroSolv brand names.
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