Insider Buying: Prairie Operating (NASDAQ:PROP) Director Acquires 218,917 Shares of Stock

Prairie Operating Co. (NASDAQ:PROP) Director Jonathan Gray acquired 218,917 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was acquired at an average cost of $2.09 per share, for a total transaction of $457,536.53. Following the completion of the purchase, the director directly owned 466,254 shares in the company, valued at $974,470.86. This trade represents a 88.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prairie Operating Stock Performance

Shares of Prairie Operating stock opened at $2.22 on Friday. Prairie Operating Co. has a one year low of $2.01 and a one year high of $12.30. The firm has a market capitalization of $111.62 million, a price-to-earnings ratio of -0.74 and a beta of 2.01. The business has a 50-day simple moving average of $3.42 and a 200 day simple moving average of $4.69. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.60 and a quick ratio of 0.58.

Prairie Operating (NASDAQ:PROP) last issued its earnings results on Tuesday, August 12th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($1.10). The company had revenue of $68.10 million during the quarter, compared to analyst estimates of $125.50 million. On average, research analysts anticipate that Prairie Operating Co. will post -2.13 earnings per share for the current fiscal year.

Institutional Trading of Prairie Operating

A number of institutional investors and hedge funds have recently modified their holdings of PROP. Woodline Partners LP purchased a new stake in shares of Prairie Operating during the first quarter valued at approximately $3,678,000. Hodges Capital Management Inc. bought a new position in Prairie Operating during the first quarter valued at $2,943,000. Marshall Wace LLP bought a new position in Prairie Operating during the second quarter valued at $860,000. Geode Capital Management LLC grew its holdings in Prairie Operating by 76.2% during the second quarter. Geode Capital Management LLC now owns 661,390 shares of the company’s stock valued at $1,981,000 after purchasing an additional 285,934 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Prairie Operating during the second quarter valued at $313,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PROP has been the subject of a number of recent research reports. Piper Sandler lowered Prairie Operating from an “overweight” rating to a “neutral” rating in a report on Monday. Roth Capital initiated coverage on Prairie Operating in a report on Thursday, June 12th. They set a “buy” rating and a $8.00 price objective for the company. Citigroup initiated coverage on Prairie Operating in a report on Monday, June 2nd. They set a “buy” rating and a $8.00 price objective for the company. Wall Street Zen raised Prairie Operating from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Johnson Rice started coverage on Prairie Operating in a report on Monday, May 12th. They set an “accumulate” rating and a $9.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Prairie Operating Company Profile

Prairie Operating Co, an independent energy company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company holds assets in the Denver-Julesburg Basin in Colorado; and the Niobrara and Codell formations. Prairie Operating Co is based in Houston Texas.