Prairie Operating Co. (NASDAQ:PROP) Short Interest Up 20.7% in May

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) was the recipient of a large growth in short interest in May. As of May 15th, there was short interest totalling 2,270,000 shares, a growth of 20.7% from the April 30th total of 1,880,000 shares. Based on an average daily trading volume, of 591,400 shares, the days-to-cover ratio is presently 3.8 days. Approximately 11.5% of the shares of the stock are sold short.

Insider Activity

In other Prairie Operating news, President Gary C. Hanna bought 25,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were purchased at an average cost of $3.83 per share, for a total transaction of $95,750.00. Following the transaction, the president now owns 1,350,226 shares of the company's stock, valued at $5,171,365.58. This represents a 1.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Kovalik bought 7,140 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $3.51 per share, for a total transaction of $25,061.40. Following the completion of the transaction, the chief executive officer now directly owns 1,332,355 shares in the company, valued at approximately $4,676,566.05. This represents a 0.54% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 43,840 shares of company stock worth $163,847. 15.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prairie Operating

Several hedge funds have recently bought and sold shares of PROP. Wells Fargo & Company MN grew its position in Prairie Operating by 128.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock valued at $30,000 after acquiring an additional 2,457 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Prairie Operating during the first quarter worth approximately $42,000. SageView Advisory Group LLC purchased a new position in shares of Prairie Operating during the first quarter worth approximately $59,000. JPMorgan Chase & Co. increased its position in shares of Prairie Operating by 163.4% during the third quarter. JPMorgan Chase & Co. now owns 6,966 shares of the company's stock worth $61,000 after acquiring an additional 4,321 shares during the period. Finally, Quotient Wealth Partners LLC purchased a new position in shares of Prairie Operating during the first quarter worth approximately $73,000. Institutional investors own 34.28% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PROP. Wall Street Zen cut shares of Prairie Operating from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Johnson Rice started coverage on shares of Prairie Operating in a research report on Monday, May 12th. They issued an "accumulate" rating and a $9.00 price objective on the stock. Citigroup started coverage on shares of Prairie Operating in a research note on Monday. They issued a "buy" rating and a $8.00 price objective for the company. Finally, Piper Sandler decreased their price objective on shares of Prairie Operating from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.

Prairie Operating Stock Performance

Prairie Operating stock traded up $0.07 during mid-day trading on Thursday, hitting $3.93. The company's stock had a trading volume of 514,786 shares, compared to its average volume of 284,820. The company has a 50 day moving average of $4.13 and a 200-day moving average of $6.34. The stock has a market cap of $172.25 million, a PE ratio of -1.31 and a beta of 2.03. Prairie Operating has a one year low of $3.35 and a one year high of $13.59.

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.