The stock of Flotek Industries, Inc. (NYSE:FTK) is now priced at $2.39 and the shares are 0.24 points up or 11.16% higher compared to its previous closing price of $2.15. The stock had 1.761 million contracts set over the past session. FTK shares’ daily volume is compared to its average trading volume at 560462 shares. However, it has a float of 64.64 million and although its performance was 53.21% over the week, it’s one to watch. Analysts have given the FTK stock a yearly average price target of $1.5 per share. It means the stock’s downside potential is -37.24% with the FTK share price recently placing at $2.3 to $2.65. However, some brokerage firms have priced the stock below the average, including one that has called $1.5.
The shorts are running away from the Flotek Industries, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FTK shares have declined. Short interest in the stock represents just 6.36% of its float, but the volume has dropped by 0.
In the last trading session, Flotek Industries, Inc. (NYSE:FTK) raised by $0.83 over the week and gained $0.9 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.65. The stock recorded its established 52-week high on 08/25/20.
Since 05/13/20, the stock has traded to a low of $0.66 at 263.83%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.99. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Flotek Industries, Inc.’s two-week RSI is 83.82. This suggests that the stock is oversold at the moment and that FTK shares’ price movement remains not stable. The stochastic readings are equally revealing at 90.73% meaning the FTK share price is currently in oversold territory.
The technical chart shows that the FTK stock will likely settle at between $2.59 and $2.8 per share. However, if the stock dips below $2.24, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.1.
Currently, the stock is trading in the green of MACD, with a reading of 0.36. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Seaport Global Securities cut their recommendation for FTK from Buy to Neutral in August 08 review. Seaport Global Securities analysts upgraded their recommendation of the stock from Accumulate to Speculative Buy while keeping its target price at $10 to $8 in a flash note released to investors on January 20. Oppenheimer seeing the improvements upgraded the stock from Underperform to Perform on July 27, placing it at $8 to $17.
The average rating for the FTK equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking Flotek Industries, Inc. polled by Reuters, 1 rated FTK as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.