Flotek Industries (NYSE:FTK) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Flotek Industries, Inc. (NYSE:FTK)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-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 changing hands.

Analyst Upgrades and Downgrades

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 research report on Thursday, November 7th.

Flotek Industries Price Performance

The business’s 50-day simple moving average is $8.40 and its two-hundred day simple moving average is $5.99. The stock has a market capitalization of $262.24 million, a price-to-earnings ratio of 33.85 and a beta of 1.19.

Flotek Industries (NYSE:FTK) last issued its earnings results on Monday, November 4th. The oil and gas company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $50.40 million. During the same quarter last year, the firm posted $0.04 EPS. As a group, sell-side analysts expect that Flotek Industries, Inc. will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in shares of 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 buying an additional 154,497 shares during the period. Barclays PLC acquired a new stake in Flotek Industries during the 3rd quarter valued at $66,000. PDT Partners LLC purchased a new stake in Flotek Industries during the 3rd quarter worth $86,000. Wilmington Savings Fund Society FSB acquired a new position in Flotek Industries in the 3rd quarter worth $60,000. Finally, Sanders Morris Harris LLC purchased a new position in Flotek Industries in the 3rd quarter valued at about $137,000. Hedge funds and other institutional investors 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).