Short Interest in Flotek Industries, Inc. (NYSE:FTK) Declines By 9.8%

Flotek Industries, Inc. (NYSE:FTK) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totalling 423,100 shares, a drop of 9.8% from the March 15th total of 469,000 shares. Approximately 1.5% of the shares of the stock are sold short. Based on an average daily volume of 52,800 shares, the short-interest ratio is currently 8.0 days.

Analysts Set New Price Targets

Separately, TheStreet upgraded Flotek Industries from a “d” rating to a “c-” rating in a report on Wednesday, March 13th.

Institutional Investors Weigh In On Flotek Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nierenberg Investment Management Company Inc. increased its stake in Flotek Industries by 6.3% in the 4th quarter. Nierenberg Investment Management Company Inc. now owns 1,247,637 shares of the oil and gas company’s stock worth $4,891,000 after purchasing an additional 74,340 shares during the period. Geode Capital Management LLC grew its holdings in shares of Flotek Industries by 14.8% in the second quarter. Geode Capital Management LLC now owns 613,610 shares of the oil and gas company’s stock worth $450,000 after purchasing an additional 79,181 shares during the last quarter. Vanguard Group Inc. raised its holdings in Flotek Industries by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 505,551 shares of the oil and gas company’s stock valued at $1,982,000 after buying an additional 16,786 shares during the last quarter. Masters Capital Management LLC boosted its position in 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 buying an additional 148,140 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Flotek Industries in the 1st quarter worth $286,000. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Trading Down 1.7 %

Shares of FTK traded down $0.06 during mid-day trading on Wednesday, reaching $3.44. The company’s stock had a trading volume of 15,350 shares, compared to its average volume of 54,253. Flotek Industries has a 52 week low of $2.64 and a 52 week high of $5.70. The company’s fifty day moving average price is $3.31 and its two-hundred day moving average price is $3.56.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Tuesday, March 12th. The oil and gas company reported $0.07 earnings per share for the quarter. Flotek Industries had a net margin of 13.14% and a negative return on equity of 0.65%. The business had revenue of $42.19 million during the quarter.

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).