Flotek Industries (NYSE:FTK) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Shares of Flotek Industries, Inc. (NYSE:FTK) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.24 and traded as high as $8.17. Flotek Industries shares last traded at $8.14, with a volume of 123,329 shares traded.

Analyst Ratings Changes

Separately, Roth Mkm boosted their price target on 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 cap of $240.78 million, a price-to-earnings ratio of 31.08 and a beta of 1.24. The firm has a 50-day moving average price of $6.65 and a 200 day moving average price of $5.27.

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 analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $49.74 million during the quarter, compared to the consensus estimate 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 previous year, the firm posted $0.04 EPS. On average, equities analysts anticipate that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Flotek Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Flotek Industries by 7.9% in the first quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock worth $2,039,000 after acquiring an additional 39,695 shares during the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Flotek Industries in the 3rd quarter valued at about $137,000. PDT Partners LLC bought a new stake in Flotek Industries in the third quarter valued at approximately $86,000. XTX Topco Ltd bought a new position in Flotek Industries during the third quarter worth $53,000. Finally, Barclays PLC acquired a new position in shares of Flotek Industries in the 3rd quarter valued at about $66,000. 10.90% of the stock is currently 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).