Flotek Industries (NYSE:FTK) Stock Passes Above 200-Day Moving Average - What's Next?

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $4.67 and traded as high as $8.07. Flotek Industries shares last traded at $8.02, with a volume of 278,485 shares trading hands.

Wall Street Analysts Forecast Growth

FTK has been the topic of a number of recent analyst reports. Roth Capital raised shares of Flotek Industries to a "strong-buy" rating in a research report on Thursday, July 25th. Roth Mkm boosted 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.

Flotek Industries Trading Up 2.6 %

The stock has a market capitalization of $245.55 million, a P/E ratio of 31.35 and a beta of 1.04. The company has a fifty day simple moving average of $5.36 and a two-hundred day simple moving average of $4.67.

Flotek Industries (NYSE:FTK - Get Free Report) last announced its quarterly 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. The company had revenue of $49.74 million during the quarter, compared to analysts' expectations of $50.40 million. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. During the same period in the prior year, the business posted $0.04 EPS. As a group, analysts forecast that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flotek Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC acquired a new stake in shares of Flotek Industries in the 3rd quarter valued at approximately $66,000. Geode Capital Management LLC boosted its stake in Flotek Industries by 108.1% in the third 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 in the last quarter. XTX Topco Ltd acquired a new stake in Flotek Industries in the third quarter valued at about $53,000. PDT Partners LLC acquired a new stake in shares of Flotek Industries during the third quarter valued at about $86,000. Finally, Sanders Morris Harris LLC acquired a new stake in shares of Flotek Industries during the third quarter valued at about $137,000. 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).