Flotek Industries Inc (NYSE:FTK) Sees Large Decline in Short Interest

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.

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Flotek Industries by 32.2% during the 2nd quarter. Vanguard Group Inc. now owns 2,796,685 shares of the oil and gas company’s stock valued at $9,257,000 after buying an additional 681,679 shares in the last quarter. Invesco Ltd. increased its position in Flotek Industries by 1.5% during the 2nd quarter. Invesco Ltd. now owns 2,484,532 shares of the oil and gas company’s stock valued at $8,224,000 after buying an additional 35,591 shares in the last quarter. Rutabaga Capital Management LLC MA increased its position in Flotek Industries by 4.9% during the 1st quarter. Rutabaga Capital Management LLC MA now owns 1,838,585 shares of the oil and gas company’s stock valued at $5,957,000 after buying an additional 85,963 shares in the last quarter. Millennium Management LLC increased its position in Flotek Industries by 1,558.1% during the 4th quarter. Millennium Management LLC now owns 1,218,601 shares of the oil and gas company’s stock valued at $1,328,000 after buying an additional 1,145,106 shares in the last quarter. Finally, Northern Right Capital Management L.P. increased its position in Flotek Industries by 51.1% during the 2nd quarter. Northern Right Capital Management L.P. now owns 851,200 shares of the oil and gas company’s stock valued at $2,817,000 after buying an additional 288,026 shares in the last quarter. 60.78% of the stock is currently owned by institutional investors.

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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