S Squared Technology LLC Takes Position in Flotek Industries, Inc. $FTK

Key Points

• S Squared Technology LLC acquired a new position in Flotek Industries, purchasing 260,477 shares valued at approximately $2.17 million, representing 1.1% of its investment portfolio.
• Insider selling activity included CEO Ryan Gillis Ezell and CFO James Bond Clement, who collectively sold over $1.6 million in shares, decreasing their ownership significantly.
• Flotek Industries reported a Q2 earnings per share (EPS) of $0.16, exceeding estimates, while analysts have set an average target price of $14.33, with some recommending a "buy" rating.

S Squared Technology LLC purchased a new position in Flotek Industries, Inc. (NYSE:FTK - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 260,477 shares of the oil and gas company's stock, valued at approximately $2,170,000. Flotek Industries makes up 1.1% of S Squared Technology LLC's holdings, making the stock its 28th biggest position. S Squared Technology LLC owned approximately 0.87% of Flotek Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tower Research Capital LLC TRC bought a new position in shares of Flotek Industries in the fourth quarter worth about $42,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Flotek Industries in the fourth quarter worth about $57,000. Kathmere Capital Management LLC bought a new position in shares of Flotek Industries in the first quarter worth about $85,000. Victory Capital Management Inc. bought a new position in shares of Flotek Industries in the first quarter worth about $96,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Flotek Industries in the fourth quarter worth about $99,000. Hedge funds and other institutional investors own 10.90% of the company's stock.

Analyst Upgrades and Downgrades

FTK has been the subject of a number of recent analyst reports. Alliance Global Partners initiated coverage on Flotek Industries in a research note on Thursday, June 12th. They issued a "buy" rating and a $19.00 price objective for the company. Northland Securities raised Flotek Industries from a "market perform" rating to an "outperform" rating and set a $16.00 price objective for the company in a research note on Wednesday, August 6th. 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 equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $14.33.

Insider Buying and Selling

In other news, CFO James Bond Clement sold 45,732 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 95,439 shares of the company's stock, valued at $1,215,892.86. This trade represents a 32.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Gillis Ezell sold 87,187 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly 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. 3.02% of the stock is currently owned by corporate insiders.

Flotek Industries Price Performance

Flotek Industries stock traded up $0.13 during midday trading on Friday, reaching $11.47. 347,327 shares of the stock traded hands, compared to its average volume of 337,861. The stock's fifty day moving average is $12.36 and its 200-day moving average is $11.37. Flotek Industries, Inc. has a 12 month low of $4.55 and a 12 month high of $16.87. The stock has a market cap of $342.32 million, a P/E ratio of 26.06 and a beta of 1.06. The company has a quick ratio of 1.36, a current ratio of 1.59 and a debt-to-equity ratio of 0.55.

Flotek Industries (NYSE:FTK - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $0.16 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $52.40 million. Flotek Industries has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Flotek Industries, Inc. will post 0.29 EPS for the current year.

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).