Flotek Industries (NYSE:FTK) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

Flotek Industries, Inc. (NYSE:FTK)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $14.08 and traded as high as $16.36. Flotek Industries shares last traded at $16.0170, with a volume of 523,747 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FTK. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday. Wall Street Zen cut Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $17.50.

Flotek Industries Stock Up 5.6%

The firm has a fifty day simple moving average of $15.45 and a 200-day simple moving average of $14.08. The company has a market capitalization of $481.47 million, a PE ratio of 18.00 and a beta of 1.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. The business had revenue of $56.03 million for the quarter, compared to analyst estimates of $52.90 million. Equities research analysts anticipate that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the completion of the transaction, the director directly owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This represents a 25.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

A number of institutional investors and hedge funds have recently bought and sold shares of FTK. Goldman Sachs Group Inc. lifted its stake in Flotek Industries by 27.9% during the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after purchasing an additional 26,400 shares during the period. Truist Financial Corp raised its holdings in shares of Flotek Industries by 11.7% in the 2nd quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company’s stock worth $3,885,000 after buying an additional 27,473 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Flotek Industries during the 2nd quarter worth approximately $371,000. American Century Companies Inc. acquired a new stake in Flotek Industries in the 1st quarter valued at $258,000. Finally, Cubist Systematic Strategies LLC boosted its stake in Flotek Industries by 130.1% in the 1st quarter. Cubist Systematic Strategies LLC now owns 98,248 shares of the oil and gas company’s stock valued at $818,000 after buying an additional 55,543 shares in the last quarter. 10.90% of the stock is owned by institutional investors and hedge funds.

About Flotek Industries

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).