Short Interest in Flotek Industries, Inc. (NYSE:FTK) Drops By 7.3%

Flotek Industries, Inc. (NYSE:FTK) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 609,500 shares, a decrease of 7.3% from the January 15th total of 657,800 shares. Based on an average daily trading volume, of 245,400 shares, the days-to-cover ratio is presently 2.5 days. Currently, 2.1% of the company’s stock are short sold.

Flotek Industries Stock Performance

Shares of FTK stock opened at $9.23 on Wednesday. The stock’s 50-day moving average is $8.72 and its two-hundred day moving average is $6.63. The firm has a market cap of $275.11 million, a price-to-earnings ratio of 35.51 and a beta of 1.18. Flotek Industries has a 1 year low of $2.64 and a 1 year high of $10.35.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Flotek Industries

Several hedge funds have recently made changes to their positions in the company. Bridgeway Capital Management LLC grew its holdings in shares of Flotek Industries by 5.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 72,259 shares of the oil and gas company’s stock worth $689,000 after purchasing an additional 3,600 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Flotek Industries during the fourth quarter worth about $42,000. Geode Capital Management LLC grew its holdings in shares of Flotek Industries by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company’s stock worth $2,885,000 after buying an additional 5,056 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Flotek Industries during the fourth quarter worth about $57,000. Finally, Truist Financial Corp grew its holdings in shares of Flotek Industries by 3.6% during the fourth quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company’s stock worth $2,327,000 after buying an additional 8,500 shares during 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).