Prairie Operating Co. (NASDAQ:PROP) Sees Significant Drop in Short Interest

by · The Cerbat Gem

Prairie Operating Co. (NASDAQ:PROP – Get Free Report) was the target of a large drop in short interest in the month of December. As of December 15th, there was short interest totaling 5,792,203 shares, a drop of 19.8% from the November 30th total of 7,221,234 shares. Based on an average trading volume of 1,213,123 shares, the days-to-cover ratio is presently 4.8 days. Currently, 11.5% of the company’s stock are sold short. Currently, 11.5% of the company’s stock are sold short. Based on an average trading volume of 1,213,123 shares, the days-to-cover ratio is presently 4.8 days.

Prairie Operating Stock Down 1.7%

Shares of PROP stock traded down $0.03 during trading hours on Wednesday, reaching $1.69. 1,259,233 shares of the company’s stock were exchanged, compared to its average volume of 1,201,745. Prairie Operating has a 1 year low of $1.57 and a 1 year high of $10.58. The company has a current ratio of 0.83, a quick ratio of 0.80 and a debt-to-equity ratio of 4.11. The stock has a market cap of $100.80 million, a PE ratio of -0.52 and a beta of 2.16. The stock’s fifty day moving average price is $1.80 and its two-hundred day moving average price is $2.44.

Analysts Set New Price Targets

PROP has been the subject of a number of recent research reports. Piper Sandler reduced their target price on shares of Prairie Operating to $2.00 and set a “neutral” rating for the company in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Prairie Operating in a research report on Monday. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Prairie Operating currently has an average rating of “Hold” and an average target price of $6.75.

View Our Latest Analysis on PROP

Insider Activity at Prairie Operating

In related news, major shareholder Nominees Pty Ltd Atf Narrogal acquired 850,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was purchased at an average cost of $1.69 per share, for a total transaction of $1,436,500.00. Following the purchase, the insider directly owned 14,993,279 shares of the company’s stock, valued at $25,338,641.51. This trade represents a 6.01% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last three months, insiders acquired 3,231,008 shares of company stock valued at $5,513,436. Insiders own 15.44% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. ELCO Management Co. LLC purchased a new position in Prairie Operating in the 3rd quarter worth $26,000. Bank of America Corp DE increased its holdings in shares of Prairie Operating by 203.8% in the second quarter. Bank of America Corp DE now owns 9,812 shares of the company’s stock valued at $29,000 after purchasing an additional 6,582 shares during the period. Warther Private Wealth LLC acquired a new position in shares of Prairie Operating in the third quarter valued at about $31,000. JPMorgan Chase & Co. raised its stake in shares of Prairie Operating by 411.4% in the second quarter. JPMorgan Chase & Co. now owns 10,740 shares of the company’s stock worth $32,000 after purchasing an additional 8,640 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Prairie Operating during the second quarter worth about $32,000. Institutional investors and hedge funds own 34.28% of the company’s stock.

About Prairie Operating

(Get Free Report)

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.

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