Shares of Flotek Industries, Inc. (NYSE:FTK) dropped 7.3% during mid-day trading on Monday . The stock traded as low as $4.56 and last traded at $5.15. Approximately 863,999 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 1,037,850 shares. The stock had previously closed at $4.80.

FTK has been the topic of several recent analyst reports. ValuEngine cut shares of Flotek Industries from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Seaport Global Securities reiterated a “buy” rating on shares of Flotek Industries in a research note on Thursday, July 20th. BidaskClub lowered shares of Flotek Industries from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research upgraded shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, September 4th.

The firm’s market capitalization is $298.70 million. The firm’s 50 day moving average is $6.14 and its 200-day moving average is $9.58.

A number of hedge funds have recently modified their holdings of the stock. Piedmont Investment Advisors LLC bought a new position in Flotek Industries in the second quarter worth $105,000. The Manufacturers Life Insurance Company lifted its position in Flotek Industries by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 43,450 shares of the oil and gas company’s stock worth $388,000 after purchasing an additional 744 shares during the period. Cubist Systematic Strategies LLC bought a new position in Flotek Industries in the second quarter worth $206,000. BlueCrest Capital Management Ltd bought a new position in Flotek Industries in the second quarter worth $147,000. Finally, State Street Corp lifted its position in Flotek Industries by 3.5% in the second quarter. State Street Corp now owns 1,299,110 shares of the oil and gas company’s stock worth $11,615,000 after purchasing an additional 44,475 shares during the period. 96.74% of the stock is owned by hedge funds and other institutional investors.

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Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven company. The Company develops and supplies chemistry and services to the oil and gas industries, and compounds to companies that make cleaning products, cosmetics, food and beverages, and other products that are sold in consumer and industrial markets. The Company operates through two segments: Energy Chemistry Technologies (ECT), and Consumer and Industrial Chemistry Technologies (CICT).

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