Prairie Operating (NASDAQ:PROP) Trading Up 4.7% - Time to Buy?

Key Points

• Prairie Operating shares rose 4.7% on Thursday, trading as high as $0.8092 before closing at $0.8040. Volume was lighter than usual, with about 901,180 shares traded versus an average of 2.66 million.
• Recent analyst actions were mixed but generally cautious: Wall Street Zen and Zacks both upgraded the stock to Hold, while Weiss Ratings slightly improved its bearish rating. MarketBeat says the consensus view is “Reduce” with an average target price of $2.75.
• Insider and institutional activity showed some support, including a director buying 75,500 shares in May. Hedge funds and other institutions own 34.28% of the company, though Prairie Operating still carries very weak liquidity metrics and a highly elevated debt-to-equity ratio.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) shares shot up 4.7% during trading on Thursday . The company traded as high as $0.8092 and last traded at $0.8040. Approximately 901,180 shares changed hands during trading, a decline of 66% from the average session volume of 2,662,390 shares. The stock had previously closed at $0.7682.

Analyst Ratings Changes

A number of brokerages recently issued reports on PROP. Wall Street Zen upgraded Prairie Operating from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. Zacks Research raised Prairie Operating from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Finally, Weiss Ratings upgraded Prairie Operating from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $2.75.

Prairie Operating Stock Performance

The company has a debt-to-equity ratio of 909.21, a quick ratio of 0.23 and a current ratio of 0.24. The business has a 50 day moving average price of $0.85 and a two-hundred day moving average price of $1.43. The company has a market cap of $61.56 million, a P/E ratio of -0.38 and a beta of 1.25.

Insider Transactions at Prairie Operating

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

Institutional Trading of Prairie Operating

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Prairie Operating by 0.6% in the third quarter. Vanguard Group Inc. now owns 1,276,221 shares of the company's stock worth $2,533,000 after purchasing an additional 7,042 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Prairie Operating during the 4th quarter valued at $1,628,000. Geode Capital Management LLC raised its holdings in Prairie Operating by 17.1% during the 4th quarter. Geode Capital Management LLC now owns 778,434 shares of the company's stock valued at $1,316,000 after buying an additional 113,720 shares during the last quarter. Woodline Partners LP bought a new stake in Prairie Operating during the 1st quarter valued at $3,678,000. Finally, Marshall Wace LLP purchased a new stake in Prairie Operating during the 2nd quarter valued at $860,000. Hedge funds and other institutional investors own 34.28% of the company's stock.

Prairie Operating Company Profile

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