Flotek Industries (NYSE:FTK) Stock Passes Above Two Hundred Day Moving Average of $0.79

Flotek Industries, Inc. (NYSE:FTK) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.79 and traded as high as $0.88. Flotek Industries shares last traded at $0.81, with a volume of 143,124 shares.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of Flotek Industries in a report on Thursday, August 17th. They issued a “sell” rating for the company.

Flotek Industries Stock Down 5.5 %

The company has a 50 day moving average price of $0.78 and a 200-day moving average price of $0.79. The company has a market cap of $123.11 million, a price-to-earnings ratio of -1.50 and a beta of 1.78.

Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, August 8th. The oil and gas company reported ($0.04) earnings per share for the quarter. The firm had revenue of $50.59 million for the quarter. Flotek Industries had a negative net margin of 8.57% and a negative return on equity of 70.40%.

Insider Buying and Selling

In other news, Director David Nierenberg sold 750,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $0.62, for a total transaction of $465,000.00. Following the sale, the director now directly owns 2,436,303 shares in the company, valued at $1,510,507.86. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Flotek Industries news, Director David Nierenberg sold 750,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $0.62, for a total value of $465,000.00. Following the completion of the sale, the director now owns 2,436,303 shares of the company’s stock, valued at $1,510,507.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Wilks bought 81,345 shares of the business’s stock in a transaction on Monday, June 12th. The stock was purchased at an average cost of $0.76 per share, with a total value of $61,822.20. Following the purchase, the director now owns 124,402 shares of the company’s stock, valued at $94,545.52. The disclosure for this purchase can be found here. Insiders have bought a total of 315,039 shares of company stock worth $243,462 in the last ninety days. Corporate insiders own 7.15% of the company’s stock.

Institutional Trading of Flotek Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. bought a new position in Flotek Industries in the first quarter worth $43,000. Renaissance Technologies LLC bought a new position in Flotek Industries in the first quarter worth $286,000. Jane Street Group LLC bought a new position in Flotek Industries in the third quarter worth $31,000. B. Riley Wealth Advisors Inc. bought a new position in Flotek Industries in the third quarter worth $32,000. Finally, Valeo Financial Advisors LLC bought a new position in Flotek Industries in the first quarter worth $38,000. Hedge funds and other institutional investors own 11.80% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven chemistry and data company that serves customers across industrial, commercial, and consumer markets in the United States, the United Arab Emirates, and internationally. It operates in two segments, Chemistry Technologies (CT) and Data Analytics (DA).