Flotek Industries (NYSE:FTK) Share Price Passes Above 200-Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $5.78 and traded as high as $9.58. Flotek Industries shares last traded at $9.19, with a volume of 240,463 shares traded.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lifted their price target 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 capitalization of $266.08 million, a price-to-earnings ratio of 34.35 and a beta of 1.19. The stock’s fifty day simple moving average is $8.00 and its two-hundred day simple moving average is $5.80.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Monday, November 4th. The oil and gas company reported $0.08 earnings per share (EPS) 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 business had revenue of $49.74 million during the quarter, compared to analysts’ expectations of $50.40 million. During the same period last year, the firm posted $0.04 earnings per share. On average, sell-side analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of 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 valued at $1,483,000 after purchasing an additional 154,497 shares during the period. Sanders Morris Harris LLC bought a new stake in shares of Flotek Industries during the third quarter worth $137,000. PDT Partners LLC bought a new stake in shares of Flotek Industries during the third quarter valued at approximately $86,000. Barclays PLC bought a new stake in Flotek Industries during the 3rd quarter worth about $66,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Flotek Industries during the 3rd quarter valued at $60,000. 10.90% of the stock is 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).