Short Interest in Flotek Industries, Inc. (NYSE:FTK) Increases By 49.0%

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) was the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 1,190,000 shares, a growth of 49.0% from the April 30th total of 798,600 shares. Based on an average trading volume of 315,300 shares, the days-to-cover ratio is presently 3.8 days. Currently, 4.2% of the company's stock are sold short.

Analysts Set New Price Targets

Separately, Singular Research raised Flotek Industries to a "moderate buy" rating in a research note on Monday, March 17th.

Insider Transactions at Flotek Industries

In other news, Director Matthew Wilks bought 13,040 shares of the stock in a transaction on Wednesday, May 14th. The shares were purchased at an average price of $14.15 per share, for a total transaction of $184,516.00. Following the completion of the purchase, the director now directly owns 157,390 shares of the company's stock, valued at $2,227,068.50. This trade represents a 9.03% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have purchased 149,766 shares of company stock valued at $1,841,758. 2.44% of the stock is owned by insiders.

Institutional Trading of Flotek Industries

Institutional investors and hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new stake in shares of Flotek Industries during the 4th quarter worth $4,418,000. Acuitas Investments LLC grew its position in shares of Flotek Industries by 18.6% in the first quarter. Acuitas Investments LLC now owns 321,925 shares of the oil and gas company's stock valued at $2,682,000 after purchasing an additional 50,584 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Flotek Industries by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company's stock worth $2,885,000 after purchasing an additional 5,056 shares during the period. S Squared Technology LLC bought a new position in shares of Flotek Industries in the first quarter worth about $2,170,000. Finally, Truist Financial Corp lifted its position in shares of Flotek Industries by 3.6% during the 4th quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company's stock worth $2,327,000 after purchasing an additional 8,500 shares during the last quarter. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Flotek Industries Stock Up 0.3%

Shares of FTK traded up $0.04 during mid-day trading on Tuesday, hitting $14.65. 391,758 shares of the company's stock were exchanged, compared to its average volume of 203,620. Flotek Industries has a twelve month low of $3.79 and a twelve month high of $16.57. The firm has a fifty day moving average of $9.80 and a two-hundred day moving average of $8.99. The stock has a market cap of $436.95 million, a price-to-earnings ratio of 56.35 and a beta of 1.00.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $55.36 million for the quarter, compared to analyst estimates of $44.50 million. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. On average, equities analysts predict that Flotek Industries will post 0.29 earnings per share for the current year.

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).