Short Interest in Flotek Industries, Inc. (NYSE:FTK) Drops By 9.8%

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totalling 423,100 shares, a decrease of 9.8% from the March 15th total of 469,000 shares. Based on an average trading volume of 52,800 shares, the days-to-cover ratio is currently 8.0 days. Currently, 1.5% of the company's stock are short sold.

Flotek Industries Stock Performance

Shares of NYSE FTK traded down $0.08 during midday trading on Monday, hitting $3.52. 41,130 shares of the stock traded hands, compared to its average volume of 55,170. The firm has a 50-day moving average of $3.30 and a two-hundred day moving average of $3.57. The firm has a market capitalization of $104.40 million, a P/E ratio of -27.08 and a beta of 1.06. Flotek Industries has a one year low of $2.64 and a one year high of $5.70.

Flotek Industries (NYSE:FTK - Get Free Report) last released its quarterly earnings results on Tuesday, March 12th. The oil and gas company reported $0.07 earnings per share for the quarter. The firm had revenue of $42.19 million for the quarter. Flotek Industries had a negative return on equity of 0.65% and a net margin of 13.14%.

Institutional Investors Weigh In On Flotek Industries

Several hedge funds and other institutional investors have recently modified their holdings of FTK. Charles Schwab Investment Management Inc. purchased a new stake in shares of Flotek Industries in the 1st quarter worth $43,000. Renaissance Technologies LLC purchased a new stake in shares of Flotek Industries in the 1st quarter worth $286,000. Jane Street Group LLC purchased a new stake in shares of Flotek Industries in the 3rd quarter worth $31,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Flotek Industries in the 3rd quarter worth $32,000. Finally, Bank of America Corp DE increased its stake in shares of Flotek Industries by 11,418.7% in the 1st quarter. Bank of America Corp DE now owns 76,369 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 75,706 shares in the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, TheStreet raised Flotek Industries from a "d" rating to a "c-" rating in a report on Wednesday, March 13th.

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).