Short Interest in Prairie Operating Co. (NASDAQ:PROP) Decreases By 43.0%

Prairie Operating Co. (NASDAQ:PROP) was the recipient of a significant decline in short interest in March. As of March 13th, there was short interest totaling 4,662,930 shares, a decline of 43.0% from the February 26th total of 8,186,045 shares. Currently, 9.2% of the shares of the stock are short sold. Based on an average trading volume of 4,324,343 shares, the days-to-cover ratio is currently 1.1 days.

Insider Buying and Selling

In related news, major shareholder Nominees Pty Ltd Atf Narrogal purchased 210,981 shares of the stock in a transaction dated Monday, December 29th. The stock was bought at an average cost of $1.61 per share, for a total transaction of $339,679.41. Following the completion of the acquisition, the insider owned 15,481,603 shares of the company’s stock, valued at approximately $24,925,380.83. This represents a 1.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 15.44% of the company’s stock.

Institutional Trading of Prairie Operating

A number of large investors have recently bought and sold shares of PROP. Vanguard Group Inc. raised its position in shares of Prairie Operating by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,276,221 shares of the company’s stock worth $2,533,000 after acquiring an additional 7,042 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Prairie Operating during the fourth quarter worth approximately $1,628,000. Geode Capital Management LLC increased its holdings in Prairie Operating by 17.1% in the fourth quarter. Geode Capital Management LLC now owns 778,434 shares of the company’s stock worth $1,316,000 after purchasing an additional 113,720 shares in the last quarter. Woodline Partners LP acquired a new position in Prairie Operating in the first quarter valued at approximately $3,678,000. Finally, Marshall Wace LLP acquired a new position in Prairie Operating in the second quarter valued at approximately $860,000. 34.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PROP. William Blair set a $3.50 target price on Prairie Operating in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Prairie Operating in a research report on Monday, December 29th. Finally, Zacks Research downgraded Prairie Operating from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $6.10.

Prairie Operating Trading Down 10.0%

Shares of NASDAQ:PROP traded down $0.21 during trading on Friday, reaching $1.84. The stock had a trading volume of 1,941,693 shares, compared to its average volume of 2,406,483. Prairie Operating has a 52 week low of $1.31 and a 52 week high of $5.99. The company has a debt-to-equity ratio of 4.11, a quick ratio of 0.80 and a current ratio of 0.83. The firm’s fifty day moving average is $1.78 and its 200 day moving average is $1.83. The stock has a market cap of $109.45 million, a price-to-earnings ratio of -0.57 and a beta of 2.44.

Prairie Operating Company Profile

Prairie Operating (NASDAQ: PROP) is a publicly traded independent exploration and production company focused on the acquisition, development and operation of onshore oil and natural gas properties in the United States. The firm seeks to identify and capitalize on undervalued or overlooked assets, applying a disciplined approach to drilling, completion and production optimization. By concentrating on core resource plays, Prairie Operating aims to deliver steady production growth and free cash flow.

The company’s asset base is concentrated in the Permian Basin region of West Texas and southeastern New Mexico, where it holds working interests in both conventional and unconventional reservoirs.