Prairie Operating Co. (NASDAQ:PROP - Get Free Report) was the recipient of a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 2,830,000 shares, an increase of 24.7% from the May 15th total of 2,270,000 shares. Based on an average trading volume of 680,000 shares, the days-to-cover ratio is currently 4.2 days. Currently, 14.3% of the shares of the stock are sold short.
Insider Buying and Selling
In other Prairie Operating news, CEO Edward Kovalik acquired 7,140 shares of the stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $3.51 per share, for a total transaction of $25,061.40. Following the completion of the transaction, the chief executive officer now directly owns 1,332,355 shares of the company's stock, valued at $4,676,566.05. This trade represents a 0.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Gary C. Hanna acquired 25,000 shares of the stock in a transaction on Tuesday, May 27th. The shares were acquired at an average price of $3.83 per share, with a total value of $95,750.00. Following the transaction, the president now directly 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 57,340 shares of company stock worth $217,567. 15.44% of the stock is owned by insiders.
Institutional Investors Weigh In On Prairie Operating
Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of Prairie Operating by 1,053.9% in the fourth quarter. Rhumbline Advisers now owns 40,224 shares of the company's stock valued at $278,000 after acquiring an additional 36,738 shares during the period. Geode Capital Management LLC increased its stake in Prairie Operating by 105.5% in the 4th quarter. Geode Capital Management LLC now owns 250,614 shares of the company's stock worth $1,734,000 after buying an additional 128,648 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Prairie Operating by 1,043.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,265 shares of the company's stock worth $189,000 after buying an additional 24,880 shares during the period. Northern Trust Corp increased its stake in Prairie Operating by 92.6% in the 4th quarter. Northern Trust Corp now owns 62,884 shares of the company's stock worth $435,000 after buying an additional 30,242 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Prairie Operating by 128.0% in the 4th 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. Hedge funds and other institutional investors own 34.28% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on PROP shares. Wall Street Zen upgraded shares of Prairie Operating from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Johnson Rice started coverage on shares of Prairie Operating in a research report on Monday, May 12th. They set an "accumulate" rating and a $9.00 price objective for the company. Piper Sandler lowered their price objective on shares of Prairie Operating from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Citigroup assumed coverage on shares of Prairie Operating in a research report on Monday, June 2nd. They set a "buy" rating and a $8.00 price objective for the company. Finally, Roth Capital assumed coverage on shares of Prairie Operating in a research note on Thursday, June 12th. They issued a "buy" rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.75.
View Our Latest Research Report on PROP
Prairie Operating Price Performance
Shares of PROP remained flat at $3.97 during midday trading on Friday. 1,712,540 shares of the stock traded hands, compared to its average volume of 319,223. Prairie Operating has a 1-year low of $3.35 and a 1-year high of $12.30. The stock has a market capitalization of $174.01 million, a price-to-earnings ratio of -1.32 and a beta of 2.03. The company has a current ratio of 0.57, a quick ratio of 0.56 and a debt-to-equity ratio of 11.17. The company's 50-day moving average is $4.02 and its 200 day moving average is $5.96.
Prairie Operating Company Profile
(
Get Free Report)
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.
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