Ritholtz Wealth Management Makes New Investment in Flotek Industries, Inc. (NYSE:FTK)

Ritholtz Wealth Management purchased a new position in Flotek Industries, Inc. (NYSE:FTK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 78,126 shares of the oil and gas company's stock, valued at approximately $651,000. Ritholtz Wealth Management owned approximately 0.26% of Flotek Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hillsdale Investment Management Inc. purchased a new position in Flotek Industries in the 4th quarter worth approximately $4,418,000. Geode Capital Management LLC grew its stake in Flotek Industries by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company's stock worth $2,885,000 after buying an additional 5,056 shares in the last quarter. Truist Financial Corp grew its stake in Flotek Industries by 3.6% in the 4th quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company's stock worth $2,327,000 after buying an additional 8,500 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Flotek Industries by 71.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 145,678 shares of the oil and gas company's stock worth $1,388,000 after buying an additional 60,504 shares in the last quarter. Finally, Ancora Advisors LLC grew its stake in Flotek Industries by 66.3% in the 4th quarter. Ancora Advisors LLC now owns 100,800 shares of the oil and gas company's stock worth $961,000 after buying an additional 40,200 shares in the last quarter. Hedge funds and other institutional investors own 10.90% of the company's stock.

Flotek Industries Stock Performance

NYSE:FTK traded down $0.41 during midday trading on Friday, reaching $14.05. 700,545 shares of the stock traded hands, compared to its average volume of 226,796. The company has a fifty day moving average of $11.99 and a 200 day moving average of $9.64. Flotek Industries, Inc. has a 12 month low of $3.79 and a 12 month high of $16.87. The stock has a market capitalization of $419.24 million, a P/E ratio of 31.21 and a beta of 1.39.

Flotek Industries (NYSE:FTK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.11. Flotek Industries had a net margin of 7.09% and a return on equity of 12.76%. The company had revenue of $55.36 million during the quarter, compared to analyst estimates of $44.50 million. On average, analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Flotek Industries

In other news, Director Matthew Wilks purchased 103,514 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average cost of $12.24 per share, for a total transaction of $1,267,011.36. Following the acquisition, the director now directly owns 144,350 shares of the company's stock, valued at $1,766,844. This represents a 253.49% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders bought 149,766 shares of company stock worth $1,841,758 in the last three months. 3.02% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Alliance Global Partners assumed coverage on shares of Flotek Industries in a research note on Thursday, June 12th. They issued a "buy" rating and a $19.00 price objective for the company. Wall Street Zen cut shares of Flotek Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 14th. Northland Capmk raised shares of Flotek Industries to a "hold" rating in a research note on Tuesday, June 17th. Singular Research raised shares of Flotek Industries to a "moderate buy" rating in a research note on Monday, March 17th. Finally, Northland Securities assumed coverage on shares of Flotek Industries in a research note on Tuesday, June 17th. They issued a "market perform" rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.33.

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).