Short Interest in Prairie Operating Co. (NASDAQ:PROP) Decreases By 50.5%

Key Points

• Short interest in Prairie Operating fell 50.5% to 8.15 million shares as of August 14, representing about 7.5% of shares outstanding and 5.1 days to cover.
• Institutional ownership reached 34.28%, with Lazard, BlackRock, Woodline Partners and other funds establishing or adding positions.
• Prairie Operating reported quarterly EPS of $0.23, beating estimates of $0.02, but analyst sentiment remains cautious: the consensus rating is “Reduce,” with a $2.50 target price versus the stock’s recent price of $0.56.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) was the recipient of a significant decline in short interest in August. As of August 14th, there was short interest totaling 8,146,378 shares, a decline of 50.5% from the July 30th total of 16,467,433 shares. Approximately 7.5% of the company's stock are short sold. Based on an average trading volume of 1,594,053 shares, the days-to-cover ratio is currently 5.1 days.

Hedge Funds Weigh In On Prairie Operating

Several hedge funds and other institutional investors have recently modified their holdings of PROP. Lazard Asset Management LLC acquired a new stake in Prairie Operating in the 4th quarter worth approximately $1,628,000. BlackRock Inc. purchased a new position in shares of Prairie Operating in the second quarter worth $635,000. Woodline Partners LP purchased a new position in shares of Prairie Operating in the first quarter worth $3,678,000. Corient Private Wealth LP acquired a new stake in shares of Prairie Operating during the second quarter worth $313,000. Finally, Fore Capital LLC acquired a new stake in shares of Prairie Operating during the second quarter worth $227,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

Prairie Operating Stock Up 4.5%

Shares of NASDAQ PROP traded up $0.02 during trading hours on Friday, hitting $0.56. 1,401,555 shares of the stock were exchanged, compared to its average volume of 2,591,278. Prairie Operating has a 12 month low of $0.51 and a 12 month high of $2.61. The firm has a fifty day moving average price of $0.72 and a 200-day moving average price of $1.16. The company has a quick ratio of 0.23, a current ratio of 0.25 and a debt-to-equity ratio of 1.96. The company has a market cap of $63.00 million, a PE ratio of -0.27 and a beta of 1.25.

Prairie Operating (NASDAQ:PROP - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.21. Prairie Operating had a positive return on equity of 46.53% and a negative net margin of 13.02%.The firm had revenue of $98.86 million during the quarter. On average, sell-side analysts expect that Prairie Operating will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on PROP. Weiss Ratings raised shares of Prairie Operating from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, June 1st. Roth Capital reaffirmed a "buy" rating and issued a $2.00 price target on shares of Prairie Operating in a research report on Monday, August 17th. Wall Street Zen upgraded shares of Prairie Operating from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, Zacks Research lowered shares of Prairie Operating from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $2.50.

Prairie Operating Company Profile

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