Flotek Industries (NYSE:FTK) Shares Pass Above 200 Day Moving Average – Time to Sell?

Flotek Industries, Inc. (NYSE:FTK)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $8.78 and traded as high as $15.63. Flotek Industries shares last traded at $14.54, with a volume of 705,711 shares traded.

Analyst Upgrades and Downgrades

Separately, Singular Research raised Flotek Industries to a “moderate buy” rating in a research report on Monday, March 17th.

Flotek Industries Trading Down 2.3%

The company has a market cap of $433.67 million, a price-to-earnings ratio of 55.93 and a beta of 1.00. The stock’s 50-day moving average is $9.32 and its 200-day moving average is $8.78.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.11. The firm had revenue of $55.36 million during the quarter, compared to the consensus estimate of $44.50 million. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. As a group, analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Flotek Industries news, Director Matthew Wilks acquired 13,040 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were purchased at an average cost of $14.15 per share, with a total value of $184,516.00. Following the completion of the purchase, the director now owns 157,390 shares of the company’s stock, valued at approximately $2,227,068.50. This represents a 9.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have bought 149,766 shares of company stock valued at $1,841,758. 2.44% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flotek Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC purchased a new position in shares of Flotek Industries during the first quarter valued at approximately $332,000. Jane Street Group LLC lifted its stake in Flotek Industries by 88.5% during the 1st quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock valued at $834,000 after acquiring an additional 47,018 shares in the last quarter. S Squared Technology LLC purchased a new position in Flotek Industries during the 1st quarter worth $2,170,000. Goldman Sachs Group Inc. boosted its holdings in Flotek Industries by 27.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after acquiring an additional 26,400 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Flotek Industries by 130.1% in the 1st quarter. Cubist Systematic Strategies LLC now owns 98,248 shares of the oil and gas company’s stock worth $818,000 after acquiring an additional 55,543 shares in the last quarter. Institutional investors and hedge funds own 10.90% of the company’s stock.

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).