Prairie Operating Co. (NASDAQ:PROP) Sees Large Decrease in Short Interest

Prairie Operating Co. (NASDAQ:PROP) was the recipient of a significant decline in short interest in the month of 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 company’s stock are short sold. Based on an average daily trading volume, of 4,324,343 shares, the short-interest ratio is currently 1.1 days.

Analyst Ratings Changes

PROP has been the topic of several research reports. William Blair set a $3.50 target price on Prairie Operating in a research report on Tuesday, March 3rd. Zacks Research lowered Prairie Operating from a “hold” rating to a “strong sell” rating in a report on Thursday, March 5th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Prairie Operating in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Prairie Operating has an average rating of “Hold” and an average target price of $6.10.

Insiders Place Their Bets

In other Prairie Operating news, major shareholder Nominees Pty Ltd Atf Narrogal acquired 210,981 shares of the firm’s stock in a transaction on Monday, December 29th. The stock was purchased at an average cost of $1.61 per share, for a total transaction of $339,679.41. Following the transaction, the insider owned 15,481,603 shares of the company’s stock, valued at $24,925,380.83. The trade was a 1.38% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new position in Prairie Operating during the 4th quarter worth $1,628,000. Woodline Partners LP bought a new position in shares of Prairie Operating in the first quarter worth about $3,678,000. Marshall Wace LLP bought a new position in shares of Prairie Operating in the second quarter worth about $860,000. Geode Capital Management LLC lifted its position in shares of Prairie Operating by 76.2% during the 2nd quarter. Geode Capital Management LLC now owns 661,390 shares of the company’s stock worth $1,981,000 after purchasing an additional 285,934 shares during the last quarter. Finally, FOCUS Wealth Advisors LLC acquired a new position in shares of Prairie Operating during the 3rd quarter worth about $278,000. Institutional investors own 34.28% of the company’s stock.

Prairie Operating Stock Performance

Shares of NASDAQ:PROP traded down $0.04 during trading on Friday, reaching $2.00. The stock had a trading volume of 4,342,927 shares, compared to its average volume of 4,423,122. The stock has a fifty day simple moving average of $1.79 and a two-hundred day simple moving average of $1.83. The company has a quick ratio of 0.80, a current ratio of 0.83 and a debt-to-equity ratio of 4.11. Prairie Operating has a 52 week low of $1.31 and a 52 week high of $5.99. The firm has a market capitalization of $119.30 million, a price-to-earnings ratio of -0.62 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.