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

Flotek Industries, Inc. (NYSE:FTK)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.67 and traded as high as $8.07. Flotek Industries shares last traded at $8.02, with a volume of 278,485 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Roth Capital upgraded shares of Flotek Industries to a “strong-buy” rating in a report on Thursday, July 25th. Roth Mkm upped their price target on Flotek Industries from $6.50 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

Flotek Industries Price Performance

The stock has a market cap of $239.00 million, a price-to-earnings ratio of 30.85 and a beta of 1.04. The company’s fifty day simple moving average is $5.36 and its two-hundred day simple moving average is $4.67.

Flotek Industries (NYSE:FTK) last posted its earnings results on Monday, November 4th. The oil and gas company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $49.74 million for the quarter, compared to analyst estimates of $50.40 million. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. During the same quarter in the prior year, the business posted $0.04 EPS. On average, analysts forecast that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Flotek Industries by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock valued at $2,039,000 after acquiring an additional 39,695 shares in the last quarter. Masters Capital Management LLC lifted its position in shares of Flotek Industries by 3.8% during the first quarter. Masters Capital Management LLC now owns 500,000 shares of the oil and gas company’s stock valued at $1,870,000 after purchasing an additional 18,524 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Flotek Industries by 108.1% during the third 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 during the last quarter. Sanders Morris Harris LLC bought a new stake in Flotek Industries in the 3rd quarter worth about $137,000. Finally, PDT Partners LLC purchased a new stake in Flotek Industries in the 3rd quarter valued at about $86,000. 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).