Prairie Operating Co. (NASDAQ:PROP) Short Interest Up 124.4% in August

Key Points

• Short Interest Spike: Prairie Operating Co. experienced a significant surge in short interest, increasing by 124.4% to 5,790,000 shares as of August 15th, representing about 30.5% of its shares sold short.
• Insider Purchases: Director Jonathan H. Gray purchased 120,563 shares at $2.16 each, raising his ownership by 25.86% to a total of 586,817 shares.
• Disappointing Earnings Report: The company reported a quarterly EPS of $0.18, significantly below analyst estimates of $1.28, with revenues of $68.10 million against an expectation of $125.50 million.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totaling 5,790,000 shares, anincreaseof124.4% from the July 31st total of 2,580,000 shares. Approximately30.5% of the company's stock are sold short. Based on an average trading volume of 1,750,000 shares, the short-interest ratio is presently 3.3 days. Based on an average trading volume of 1,750,000 shares, the short-interest ratio is presently 3.3 days. Approximately30.5% of the company's stock are sold short.

Prairie Operating Stock Performance

NASDAQ:PROP traded up $0.07 during trading hours on Tuesday, reaching $2.15. 1,007,227 shares of the stock were exchanged, compared to its average volume of 1,034,815. Prairie Operating has a 52 week low of $2.01 and a 52 week high of $12.30. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 4.13. The stock has a market capitalization of $107.85 million, a P/E ratio of -0.72 and a beta of 2.15. The firm has a 50 day simple moving average of $3.12 and a 200-day simple moving average of $4.13.

Prairie Operating (NASDAQ:PROP - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $1.28 by ($1.10). The business had revenue of $68.10 million for the quarter, compared to analysts' expectations of $125.50 million. As a group, sell-side analysts forecast that Prairie Operating will post -2.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PROP has been the subject of several research analyst reports. Piper Sandler downgraded shares of Prairie Operating from an "overweight" rating to a "neutral" rating in a research note on Monday, August 18th. Citigroup started coverage on Prairie Operating in a research report on Monday, June 2nd. They issued a "buy" rating and a $8.00 price objective for the company. Roth Capital started coverage on Prairie Operating in a report on Thursday, June 12th. They set a "buy" rating and a $8.00 target price on the stock. Wall Street Zen raised shares of Prairie Operating from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Johnson Rice started coverage on Prairie Operating in a report on Monday, May 12th. They issued an "accumulate" rating and a $9.00 price target for the company. Three investment 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 a consensus rating of "Moderate Buy" and an average price target of $8.50.

Insider Buying and Selling

In other news, Director Jonathan H. Gray acquired 218,917 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was acquired at an average cost of $2.09 per share, with a total value of $457,536.53. Following the transaction, the director owned 466,254 shares in the company, valued at approximately $974,470.86. This trade represents a 88.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders acquired 447,480 shares of company stock worth $957,053. Insiders own 15.44% of the company's stock.

Institutional Investors Weigh In On Prairie Operating

A number of hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its position in shares of Prairie Operating by 128.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock worth $30,000 after buying an additional 2,457 shares during the period. FNY Investment Advisers LLC acquired a new stake in Prairie Operating during the 1st quarter worth about $42,000. Bank of America Corp DE increased its holdings in shares of Prairie Operating by 203.8% in the 2nd quarter. Bank of America Corp DE now owns 9,812 shares of the company's stock valued at $29,000 after purchasing an additional 6,582 shares during the period. State of Wyoming acquired a new stake in shares of Prairie Operating during the second quarter worth approximately $32,000. Finally, XTX Topco Ltd purchased a new stake in Prairie Operating in the 2nd quarter worth approximately $32,000. 34.28% of the stock is currently owned by institutional investors.

About Prairie Operating

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.