Insider Buying: Prairie Operating (NASDAQ:PROP) Director Purchases 120,563 Shares of Stock

Key Points

• Jonathan Gray, director of Prairie Operating Co., purchased 120,563 shares at $2.16 each, increasing his ownership to a total of 586,817 shares valued at approximately $1.27 million.
• Prairie Operating reported a loss of $1.10 per share for the most recent quarter, with actual earnings of $0.18 missing analysts' expectations of $1.28.
• Hedge funds have increased their investment in Prairie Operating, with notable purchases including a new stake by State of Wyoming worth around $32,000 and a 203.8% position increase by Bank of America Corp DE.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) Director Jonathan Gray purchased 120,563 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was bought at an average cost of $2.16 per share, for a total transaction of $260,416.08. Following the completion of the acquisition, the director directly owned 586,817 shares in the company, valued at $1,267,524.72. The trade was a 25.86% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Prairie Operating Stock Performance

NASDAQ PROP traded up $0.03 during trading hours on Monday, reaching $2.50. 1,715,834 shares of the company were exchanged, compared to its average volume of 1,000,680. The stock has a market capitalization of $125.70 million, a P/E ratio of -0.83 and a beta of 2.01. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 4.13. Prairie Operating Co. has a 1 year low of $2.01 and a 1 year high of $12.30. The business's 50 day simple moving average is $3.39 and its 200-day simple moving average is $4.59.

Prairie Operating (NASDAQ:PROP - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $1.28 by ($1.10). The firm had revenue of $68.10 million for the quarter, compared to analysts' expectations of $125.50 million. On average, equities research analysts expect that Prairie Operating Co. will post -2.13 earnings per share for the current year.

Hedge Funds Weigh In On Prairie Operating

Hedge funds have recently bought and sold shares of the company. State of Wyoming purchased a new stake in Prairie Operating in the 2nd quarter worth approximately $32,000. Nomura Holdings Inc. bought a new position in shares of Prairie Operating in the second quarter worth $57,000. Bank of America Corp DE raised its position in shares of Prairie Operating by 203.8% in the second quarter. Bank of America Corp DE now owns 9,812 shares of the company's stock worth $29,000 after buying an additional 6,582 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Prairie Operating during the second quarter valued at $313,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Prairie Operating by 363.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,779 shares of the company's stock valued at $35,000 after buying an additional 9,240 shares during the period. Hedge funds and other institutional investors own 34.28% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Roth Capital started coverage on Prairie Operating in a research report on Thursday, June 12th. They issued a "buy" rating and a $8.00 target price for the company. Piper Sandler cut Prairie Operating from an "overweight" rating to a "neutral" rating in a research note on Monday, August 18th. Johnson Rice initiated coverage on shares of Prairie Operating in a report on Monday, May 12th. They set an "accumulate" rating and a $9.00 price objective on the stock. Wall Street Zen upgraded shares of Prairie Operating from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Citigroup started coverage on shares of Prairie Operating in a research note on Monday, June 2nd. They set a "buy" rating and a $8.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $8.50.

Prairie Operating Company Profile

Prairie Operating Co, an independent energy company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company holds assets in the Denver-Julesburg Basin in Colorado; and the Niobrara and Codell formations. Prairie Operating Co is based in Houston Texas.

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