Ancora Advisors LLC Cuts Holdings in Flotek Industries, Inc. $FTK

Key Points

• Ancora Advisors LLC has reduced its stake in Flotek Industries, Inc. by 62.7%, owning 37,640 shares valued at $314,000 as of their latest SEC filing.
• Flotek Industries stock has dropped by 6.3%, currently trading at $11.22, while analysts maintain an average rating of "Buy" with a consensus target price of $14.33.
• Insider trading reports reveal that both the CFO and CEO of Flotek Industries sold significant shares recently, with the CFO's ownership decreasing by 32.39% and the CEO's by 35.73%.

Ancora Advisors LLC trimmed its stake in shares of Flotek Industries, Inc. (NYSE:FTK - Free Report) by 62.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,640 shares of the oil and gas company's stock after selling 63,160 shares during the period. Ancora Advisors LLC owned about 0.13% of Flotek Industries worth $314,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTK. Cubist Systematic Strategies LLC boosted its position in Flotek Industries by 130.1% during the first quarter. Cubist Systematic Strategies LLC now owns 98,248 shares of the oil and gas company's stock worth $818,000 after purchasing an additional 55,543 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in Flotek Industries by 19.3% during the first quarter. OMERS ADMINISTRATION Corp now owns 49,500 shares of the oil and gas company's stock worth $412,000 after purchasing an additional 8,000 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Flotek Industries during the first quarter worth $204,000. Algert Global LLC boosted its position in Flotek Industries by 195.1% during the first quarter. Algert Global LLC now owns 31,490 shares of the oil and gas company's stock worth $262,000 after purchasing an additional 20,820 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in Flotek Industries during the first quarter worth $258,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the company. Northland Securities upgraded Flotek Industries from a "market perform" rating to an "outperform" rating and set a $16.00 target price on the stock in a research report on Wednesday, August 6th. Alliance Global Partners started coverage on Flotek Industries in a research note on Thursday, June 12th. They issued a "buy" rating and a $19.00 target price on the stock. Wall Street Zen lowered Flotek Industries from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Finally, Northland Capmk raised Flotek Industries from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.33.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 45,732 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $12.74, for a total value of $582,625.68. Following the completion of the transaction, the chief financial officer directly owned 95,439 shares in the company, valued at approximately $1,215,892.86. This represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ryan Gillis Ezell sold 87,187 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $12.26, for a total value of $1,068,912.62. Following the completion of the transaction, the chief executive officer owned 156,855 shares of the company's stock, valued at $1,923,042.30. The trade was a 35.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.02% of the company's stock.

Flotek Industries Price Performance

FTK stock traded up $0.13 on Friday, reaching $11.47. The company had a trading volume of 347,327 shares, compared to its average volume of 347,575. Flotek Industries, Inc. has a 1 year low of $4.55 and a 1 year high of $16.87. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.36 and a current ratio of 1.59. The company's fifty day moving average is $12.36 and its 200 day moving average is $11.32. The company has a market cap of $342.34 million, a P/E ratio of 26.06 and a beta of 1.06.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. Flotek Industries had a return on equity of 17.67% and a net margin of 6.59%.The company had revenue of $58.35 million for the quarter, compared to analyst estimates of $52.40 million. Flotek Industries has set its FY 2025 guidance at EPS. On average, research analysts forecast that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Flotek Industries 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).