Prairie Operating (NASDAQ:PROP) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded Prairie Operating from “hold” to “strong sell,” adding to a generally bearish analyst view on the stock. Overall, the consensus rating is now “Sell,” with an average price target of $2.75.
• The stock is trading far below prior levels, opening at $0.72 versus a 12-month high of $4.33, and it sits below both its 50-day and 200-day moving averages. The company also shows weak liquidity and a very high debt-to-equity ratio.
• There was recent insider buying and ongoing institutional ownership, including a director who purchased 75,500 shares in May. Institutional investors own about 34.28% of the stock, despite the recent negative analyst action.

Prairie Operating (NASDAQ:PROP - Get Free Report) was downgraded by analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently issued reports on PROP. Weiss Ratings upgraded shares of Prairie Operating from a "sell (e-)" rating to a "sell (e)" rating in a research note on Monday, June 1st. Wall Street Zen upgraded Prairie Operating from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Prairie Operating currently has a consensus rating of "Sell" and an average price target of $2.75.

Prairie Operating Price Performance

NASDAQ:PROP opened at $0.72 on Wednesday. The company has a quick ratio of 0.23, a current ratio of 0.24 and a debt-to-equity ratio of 909.21. The firm has a market cap of $54.94 million, a PE ratio of -0.34 and a beta of 1.25. Prairie Operating has a 12 month low of $0.58 and a 12 month high of $4.33. The company's 50-day moving average price is $0.81 and its two-hundred day moving average price is $1.39.

Insider Transactions at Prairie Operating

In related news, Director Richard N. Frommer acquired 75,500 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were purchased at an average price of $0.87 per share, with a total value of $65,685.00. Following the acquisition, the director directly owned 205,372 shares in the company, valued at $178,673.64. The trade was a 58.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 3.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prairie Operating

A number of institutional investors have recently modified their holdings of PROP. Vanguard Group Inc. lifted its stake in shares of Prairie Operating by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,276,221 shares of the company's stock valued at $2,533,000 after purchasing an additional 7,042 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Prairie Operating in the 4th quarter valued at approximately $1,628,000. Geode Capital Management LLC increased its stake in Prairie Operating by 17.1% during the 4th quarter. Geode Capital Management LLC now owns 778,434 shares of the company's stock worth $1,316,000 after purchasing an additional 113,720 shares in the last quarter. Woodline Partners LP acquired a new stake in Prairie Operating during the 1st quarter worth approximately $3,678,000. Finally, Marshall Wace LLP acquired a new stake in Prairie Operating during the 2nd quarter worth approximately $860,000. 34.28% of the stock is owned by institutional investors.

Prairie Operating Company Profile

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