Insider Buying: Prairie Operating Co. (NASDAQ:PROP) CEO Acquires 6,700 Shares of Stock

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) CEO Edward Kovalik acquired 6,700 shares of Prairie Operating stock in a transaction dated Friday, May 23rd. The stock was purchased at an average cost of $3.74 per share, with a total value of $25,058.00. Following the completion of the purchase, the chief executive officer now owns 1,339,055 shares of the company's stock, valued at approximately $5,008,065.70. This represents a 0.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Edward Kovalik also recently made the following trade(s):

• On Thursday, May 22nd, Edward Kovalik acquired 7,140 shares of Prairie Operating stock. The shares were bought at an average cost of $3.51 per share, with a total value of $25,061.40.

Prairie Operating Trading Up 6.8%

Shares of PROP traded up $0.25 during trading hours on Friday, reaching $3.90. 1,049,883 shares of the company traded hands, compared to its average volume of 275,173. The stock's fifty day moving average price is $4.26 and its 200 day moving average price is $6.46. The firm has a market cap of $170.94 million, a price-to-earnings ratio of -1.30 and a beta of 3.13. Prairie Operating Co. has a 12-month low of $3.35 and a 12-month high of $13.59.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PROP. Wall Street Zen downgraded shares of Prairie Operating from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. Piper Sandler decreased their price target on Prairie Operating from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Finally, Johnson Rice started coverage on shares of Prairie Operating in a research note on Monday, May 12th. They issued an "accumulate" rating and a $9.00 price objective for the company.

Institutional Investors Weigh In On Prairie Operating

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its stake in Prairie Operating by 128.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock worth $30,000 after acquiring an additional 2,457 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Prairie Operating by 30.6% in the first quarter. Bank of New York Mellon Corp now owns 14,741 shares of the company's stock valued at $79,000 after purchasing an additional 3,453 shares during the period. JPMorgan Chase & Co. grew its stake in Prairie Operating by 163.4% in the third quarter. JPMorgan Chase & Co. now owns 6,966 shares of the company's stock worth $61,000 after purchasing an additional 4,321 shares in the last quarter. FNY Investment Advisers LLC bought a new position in Prairie Operating in the first quarter worth approximately $42,000. Finally, Navigation Wealth Management Inc. increased its holdings in Prairie Operating by 83.3% during the 1st quarter. Navigation Wealth Management Inc. now owns 22,007 shares of the company's stock worth $118,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 34.28% of the company's stock.

Prairie Operating Company Profile

Prairie Operating Co, an independent energy company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company holds assets in the Denver-Julesburg Basin in Colorado; and the Niobrara and Codell formations. Prairie Operating Co is based in Houston Texas.