Forum Energy Technologies (NYSE:FET) Shares Pass Above 200-Day Moving Average - Time to Sell?

Key Points

• Forum Energy Technologies' stock price has surpassed its 200-day moving average of $17.72, currently trading at $21.84 and experiencing a trading volume of 190,896 shares.
• Analysts recently upgraded the stock from a "hold" rating to a "buy" rating", indicating positive sentiment about its future performance.
• Despite a recent report showing a loss of $0.10 EPS, the company exceeded revenue expectations with $199.80 million, surpassing the estimated $190.50 million.

Forum Energy Technologies, Inc. (NYSE:FET - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $17.72 and traded as high as $22.68. Forum Energy Technologies shares last traded at $21.84, with a volume of 190,896 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Forum Energy Technologies from a "hold" rating to a "buy" rating in a report on Tuesday, May 6th.

Forum Energy Technologies Price Performance

The business's 50-day simple moving average is $19.30 and its 200-day simple moving average is $17.72. The stock has a market cap of $270.14 million, a PE ratio of -2.46, a PEG ratio of 2.51 and a beta of 0.88. The company has a quick ratio of 1.10, a current ratio of 2.46 and a debt-to-equity ratio of 0.53.

Forum Energy Technologies (NYSE:FET - Get Free Report) last posted its earnings results on Thursday, August 7th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.25). Forum Energy Technologies had a negative return on equity of 2.46% and a negative net margin of 13.65%. The business had revenue of $199.80 million during the quarter, compared to the consensus estimate of $190.50 million.

Hedge Funds Weigh In On Forum Energy Technologies

Several hedge funds have recently made changes to their positions in FET. Headlands Technologies LLC lifted its stake in Forum Energy Technologies by 196.6% in the first quarter. Headlands Technologies LLC now owns 1,237 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 820 shares during the period. Russell Investments Group Ltd. raised its holdings in Forum Energy Technologies by 63.7% in the 4th quarter. Russell Investments Group Ltd. now owns 2,208 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 859 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Forum Energy Technologies by 126.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,360 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 1,319 shares during the period. GAMMA Investing LLC boosted its stake in shares of Forum Energy Technologies by 1,911.1% during the 1st quarter. GAMMA Investing LLC now owns 2,172 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 2,064 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Forum Energy Technologies by 41.7% during the fourth quarter. Wells Fargo & Company MN now owns 8,423 shares of the oil and gas company's stock valued at $130,000 after buying an additional 2,479 shares during the period. 65.60% of the stock is owned by hedge funds and other institutional investors.

About Forum Energy Technologies

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.

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