Short Interest in Prairie Operating Co. (NASDAQ:PROP) Declines By 38.2%

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) was the target of a large decrease in short interest in April. As of April 15th, there was short interest totalling 1,540,000 shares, a decrease of 38.2% from the March 31st total of 2,490,000 shares. Based on an average daily volume of 525,700 shares, the days-to-cover ratio is presently 2.9 days. Approximately 33.1% of the shares of the stock are sold short.

Prairie Operating Stock Performance

Shares of NASDAQ:PROP traded down $0.04 during mid-day trading on Friday, reaching $4.38. 399,741 shares of the company's stock were exchanged, compared to its average volume of 222,822. Prairie Operating has a twelve month low of $3.35 and a twelve month high of $14.60. The firm has a market capitalization of $117.64 million, a price-to-earnings ratio of -1.46 and a beta of 2.03. The business's fifty day moving average price is $5.16 and its 200-day moving average price is $7.06.

Analysts Set New Price Targets

Separately, Piper Sandler began coverage on shares of Prairie Operating in a research report on Wednesday. They issued an "overweight" rating and a $11.00 target price on the stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN increased its stake in shares of Prairie Operating by 128.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock valued at $30,000 after buying an additional 2,457 shares during the period. Barclays PLC boosted its holdings in Prairie Operating by 321.7% in the third quarter. Barclays PLC now owns 5,996 shares of the company's stock valued at $52,000 after acquiring an additional 4,574 shares during the last quarter. JPMorgan Chase & Co. increased its position in Prairie Operating by 163.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,966 shares of the company's stock valued at $61,000 after purchasing an additional 4,321 shares during the period. FNY Investment Advisers LLC bought a new position in Prairie Operating during the 1st quarter worth approximately $42,000. Finally, Navigation Wealth Management Inc. acquired a new position in shares of Prairie Operating in the 4th quarter worth approximately $83,000. 34.28% of the stock is owned by institutional investors and hedge funds.

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.