Flotek Industries, Inc. Experiences Notable Drop in Short Interest

Flotek Industries, Inc. (NYSE:FTK) recently saw a significant drop in short interest during January. As of January 31st, the total short interest stood at 609,500 shares, reflecting a decline of 7.3% from the earlier recorded total of 657,800 shares as of January 15th. Currently, about 2.1% of the shares of Flotek Industries are short sold. The average trading volume for the company is approximately 245,400 shares, leading to a days-to-cover ratio of 2.5 days.

Flotek Industries Stock Performance

During trading hours on Monday, Flotek Industries' stock decreased by $0.12, bringing the price to $9.04. The trading volume for the day was 164,168 shares, which is below the average volume of 213,614 shares. The company currently holds a market cap of $269.24 million, with a P/E ratio of 34.75 and a beta of 1.18. Over the last 50 days, the moving average price is recorded at $8.72, while the two-hundred day moving average price shows $6.63. In the past year, Flotek Industries has experienced a low of $2.64 and a high of $10.35.

Recent Analyst Ratings Changes

In a separate development, Roth Mkm has raised its price objective for Flotek Industries from $6.50 to $8.00, designating the company with a 'buy' rating in a research report issued on November 7th.

Institutional Trading of Flotek Industries

Several institutional investors have recently adjusted their stakes in Flotek Industries. Tower Research Capital LLC TRC acquired a new position worth $42,000 in the fourth quarter. Similarly, XTX Topco Ltd invested $53,000 in the third quarter, while Point72 Asia Singapore Pte. Ltd. bought a new stake estimated at $57,000 in the fourth quarter. Wilmington Savings Fund Society FSB and Barclays PLC also joined, purchasing positions worth $60,000 and $66,000, respectively, in the third quarter. It is noteworthy that hedge funds and other institutional investors collectively own approximately 10.90% of Flotek Industries' stock.

About Flotek Industries

Flotek Industries, Inc. is known for its technology-driven focus on green chemistry and data, catering to customers in various industrial and commercial markets across the United States and abroad, including the United Arab Emirates. The company operates through two primary segments: Chemistry Technologies (CT) and Data Analytics (DA).

Conclusion

The recent movements in short interest and stock performance at Flotek Industries provide important insights into the company's market position. As institutional interest grows, the outlook for Flotek appears to ignite curiosity among investors.

Flotek, Stocks, Investment