Flotek Industries (NYSE:FTK) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Flotek Industries, Inc. (NYSE:FTK)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.99 and traded as high as $8.95. Flotek Industries shares last traded at $8.80, with a volume of 149,754 shares traded.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price target on Flotek Industries from $6.50 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

Flotek Industries Stock Down 0.7 %

The business’s 50-day moving average price is $8.40 and its 200 day moving average price is $6.00. The company has a market capitalization of $262.20 million, a P/E ratio of 33.85 and a beta of 1.19.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Monday, November 4th. The oil and gas company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. The firm had revenue of $49.74 million during the quarter, compared to analyst estimates of $50.40 million. During the same period in the previous year, the business earned $0.04 EPS. Analysts anticipate that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Trading of Flotek Industries

Several institutional investors and hedge funds have recently modified their holdings of the business. Sanders Morris Harris LLC purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at $137,000. PDT Partners LLC bought a new position in Flotek Industries in the third quarter valued at $86,000. XTX Topco Ltd purchased a new stake in Flotek Industries during the third quarter valued at about $53,000. Barclays PLC bought a new stake in Flotek Industries during the third quarter worth about $66,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Flotek Industries by 108.1% in the 3rd quarter. Geode Capital Management LLC now owns 297,483 shares of the oil and gas company’s stock worth $1,483,000 after purchasing an additional 154,497 shares in the last quarter. Hedge funds and other institutional investors own 10.90% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).