Flotek Industries (NYSE:FTK) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $5.54 and traded as high as $9.81. Flotek Industries shares last traded at $9.25, with a volume of 320,936 shares traded.

Analyst Ratings Changes

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

Flotek Industries Price Performance

The company has a market cap of $275.61 million, a PE ratio of 35.58 and a beta of 1.24. The firm has a 50-day simple moving average of $7.30 and a two-hundred day simple moving average of $5.54.

Flotek Industries (NYSE:FTK) last announced its earnings results on Monday, November 4th. The oil and gas company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $50.40 million. During the same quarter in the previous year, the company posted $0.04 EPS. Equities research analysts forecast that Flotek Industries, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors have recently added to or reduced their stakes in FTK. XTX Topco Ltd acquired a new position in Flotek Industries during the third quarter worth approximately $53,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at $60,000. Barclays PLC acquired a new stake in shares of Flotek Industries during the 3rd quarter worth $66,000. PDT Partners LLC purchased a new position in shares of Flotek Industries in the 3rd quarter worth $86,000. Finally, Sanders Morris Harris LLC acquired a new position in Flotek Industries in the third quarter valued at $137,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Flotek Industries Company Profile

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).