Prairie Operating (NASDAQ:PROP) Lowered to "Sell" Rating by Wall Street Zen

Wall Street Zen lowered shares of Prairie Operating (NASDAQ:PROP - Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

PROP has been the subject of several other reports. Johnson Rice started coverage on Prairie Operating in a report on Monday, May 12th. They set an "accumulate" rating and a $9.00 price objective for the company. Piper Sandler lowered their target price on shares of Prairie Operating from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th.

Prairie Operating Stock Down 2.7%

Shares of PROP traded down $0.10 during mid-day trading on Friday, reaching $3.65. The company's stock had a trading volume of 678,485 shares, compared to its average volume of 272,074. Prairie Operating has a 1 year low of $3.35 and a 1 year high of $13.59. The business has a fifty day moving average of $4.26 and a 200 day moving average of $6.46. The company has a market cap of $159.98 million, a price-to-earnings ratio of -1.22 and a beta of 3.13.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Prairie Operating

A number of institutional investors have recently added to or reduced their stakes in the company. SageView Advisory Group LLC bought a new position in Prairie Operating during the first quarter worth about $59,000. Woodline Partners LP bought a new position in shares of Prairie Operating in the first quarter valued at approximately $3,678,000. Wellington Management Group LLP bought a new position in shares of Prairie Operating in the first quarter valued at approximately $97,000. Quotient Wealth Partners LLC bought a new position in shares of Prairie Operating in the first quarter valued at approximately $73,000. Finally, Bank of New York Mellon Corp raised its position in Prairie Operating by 30.6% in the 1st quarter. Bank of New York Mellon Corp now owns 14,741 shares of the company's stock worth $79,000 after purchasing an additional 3,453 shares during the last quarter. 34.28% of the stock is owned by institutional investors and hedge funds.

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.