Millennium Management LLC Purchases New Stake in Flotek Industries, Inc. (NYSE:FTK)

Millennium Management LLC purchased a new position in shares of Flotek Industries, Inc. (NYSE:FTK - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 48,746 shares of the oil and gas company's stock, valued at approximately $465,000. Millennium Management LLC owned approximately 0.16% of Flotek Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truist Financial Corp grew its stake in shares of Flotek Industries by 3.6% in the fourth quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company's stock valued at $2,327,000 after buying an additional 8,500 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Flotek Industries by 306.2% in the fourth quarter. Renaissance Technologies LLC now owns 85,700 shares of the oil and gas company's stock valued at $817,000 after buying an additional 64,600 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Flotek Industries in the fourth quarter valued at $454,000. Hillsdale Investment Management Inc. bought a new position in shares of Flotek Industries in the fourth quarter valued at $4,418,000. Finally, O Shaughnessy Asset Management LLC bought a new position in shares of Flotek Industries in the fourth quarter valued at $182,000. 10.90% of the stock is owned by institutional investors.

Insider Transactions at Flotek Industries

In other news, Director Matthew Wilks bought 13,040 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $14.15 per share, with a total value of $184,516.00. Following the completion of the acquisition, the director now owns 157,390 shares of the company's stock, valued at $2,227,068.50. This represents a 9.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Over the last 90 days, insiders bought 149,766 shares of company stock valued at $1,841,758. 3.02% of the stock is currently owned by corporate insiders.

Flotek Industries Price Performance

Flotek Industries stock traded down $0.22 during mid-day trading on Thursday, hitting $16.33. 447,993 shares of the company's stock traded hands, compared to its average volume of 215,379. The firm has a 50 day simple moving average of $10.99 and a two-hundred day simple moving average of $9.37. Flotek Industries, Inc. has a fifty-two week low of $3.79 and a fifty-two week high of $16.87. The stock has a market cap of $487.48 million, a price-to-earnings ratio of 62.81 and a beta of 1.38.

Flotek Industries (NYSE:FTK - Get Free Report) last posted its earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.11. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The company had revenue of $55.36 million during the quarter, compared to the consensus estimate of $44.50 million. On average, research analysts anticipate that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FTK shares. Alliance Global Partners started coverage on Flotek Industries in a report on Thursday. They set a "buy" rating and a $19.00 price target for the company. Singular Research raised Flotek Industries to a "moderate buy" rating in a report on Monday, March 17th.

Flotek Industries Company 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).