Flotek Industries (NYSE:FTK) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $5.99 and traded as high as $8.95. Flotek Industries shares last traded at $8.80, with a volume of 149,754 shares traded.

Wall Street Analysts Forecast Growth

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

Flotek Industries Stock Performance

The stock’s 50 day moving average price is $8.40 and its 200 day moving average price is $6.00. The company has a market capitalization of $262.20 million, a P/E ratio of 33.85 and a beta of 1.19.

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 for the quarter, topping the consensus estimate of $0.07 by $0.01. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The firm had revenue of $49.74 million during the quarter, compared to analyst estimates of $50.40 million. During the same period last year, the company posted $0.04 EPS. On average, analysts expect that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Flotek Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTK. Geode Capital Management LLC lifted its stake in Flotek Industries by 108.1% during the 3rd quarter. Geode Capital Management LLC now owns 297,483 shares of the oil and gas company’s stock valued at $1,483,000 after acquiring an additional 154,497 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in Flotek Industries in the third quarter worth $137,000. PDT Partners LLC purchased a new stake in Flotek Industries in the 3rd quarter worth about $86,000. Barclays PLC bought a new stake in Flotek Industries in the 3rd quarter valued at about $66,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Flotek Industries during the third quarter valued at about $60,000. 10.90% of the stock is owned by institutional investors.

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).