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

Prairie Operating Co. (NASDAQ:PROP) was the recipient of a significant increase in short interest in the month of December. As of December 31st, there was short interest totaling 7,286,996 shares, an increase of 25.8% from the December 15th total of 5,792,203 shares. Currently, 14.4% of the shares of the stock are sold short. Based on an average daily volume of 1,570,411 shares, the days-to-cover ratio is currently 4.6 days. Based on an average daily volume of 1,570,411 shares, the days-to-cover ratio is currently 4.6 days. Currently, 14.4% of the shares of the stock are sold short.

Prairie Operating Trading Down 3.8%

Shares of NASDAQ PROP traded down $0.07 during mid-day trading on Friday, hitting $1.78. The stock had a trading volume of 1,611,008 shares, compared to its average volume of 1,460,605. The business has a 50 day moving average price of $1.76 and a two-hundred day moving average price of $2.28. Prairie Operating has a 1 year low of $1.57 and a 1 year high of $10.58. 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 has a market cap of $106.18 million, a P/E ratio of -0.55 and a beta of 2.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PROP shares. Weiss Ratings restated a “sell (d)” rating on shares of Prairie Operating in a report on Monday, December 29th. Zacks Research upgraded shares of Prairie Operating to a “hold” rating in a research report on Thursday, January 1st. Finally, Piper Sandler lowered their price target on shares of Prairie Operating to $2.00 and set a “neutral” rating for the company in a research note on Tuesday, October 21st. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.75.

Insider Activity

In related news, major shareholder Nominees Pty Ltd Atf Narrogal bought 210,981 shares of the company’s stock in a transaction on Monday, December 29th. The stock was acquired at an average cost of $1.61 per share, for a total transaction of $339,679.41. Following the completion of the transaction, the insider directly owned 15,481,603 shares in the company, valued at $24,925,380.83. This trade represents a 1.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders acquired a total of 3,441,989 shares of company stock valued at $5,853,115 in the last quarter. Company insiders own 15.44% of the company’s stock.

Hedge Funds Weigh In On Prairie Operating

Several hedge funds and other institutional investors have recently modified their holdings of PROP. ELCO Management Co. LLC bought a new stake in shares of Prairie Operating in the third quarter worth about $26,000. Bank of America Corp DE lifted its holdings in Prairie Operating by 203.8% in the 2nd quarter. Bank of America Corp DE now owns 9,812 shares of the company’s stock worth $29,000 after buying an additional 6,582 shares during the period. Warther Private Wealth LLC bought a new stake in shares of Prairie Operating in the 3rd quarter worth approximately $31,000. JPMorgan Chase & Co. grew its position in shares of Prairie Operating by 411.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,740 shares of the company’s stock worth $32,000 after buying an additional 8,640 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Prairie Operating during the second quarter valued at approximately $32,000. 34.28% of the stock is owned by institutional investors.

About Prairie Operating

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.