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

Prairie Operating Co. (NASDAQ:PROP) Director Jonathan Gray purchased 218,917 shares of Prairie Operating stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average price of $2.09 per share, with a total value of $457,536.53. Following the transaction, the director owned 466,254 shares of the company’s stock, valued at $974,470.86. This trade represents a 88.51% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Prairie Operating Price Performance

PROP opened at $2.47 on Friday. The firm has a market cap of $124.19 million, a P/E ratio of -0.82 and a beta of 2.01. The firm has a 50-day moving average of $3.39 and a 200 day moving average of $4.65. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.58 and a current ratio of 0.60. Prairie Operating Co. has a fifty-two week low of $2.01 and a fifty-two week high of $12.30.

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

Institutional Investors Weigh In On 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 in the first quarter worth about $3,678,000. Hodges Capital Management Inc. purchased a new stake in shares of Prairie Operating in the first quarter worth about $2,943,000. Marshall Wace LLP purchased a new stake in shares of Prairie Operating in the second quarter worth about $860,000. Geode Capital Management LLC lifted its holdings in shares of Prairie Operating by 76.2% in the second quarter. Geode Capital Management LLC now owns 661,390 shares of the company’s stock worth $1,981,000 after buying an additional 285,934 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Prairie Operating in the second quarter worth about $313,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Citigroup assumed coverage on shares of Prairie Operating in a report on Monday, June 2nd. They set a “buy” rating and a $8.00 price objective on the stock. KeyCorp assumed coverage on shares of Prairie Operating in a report on Thursday, July 3rd. They set a “sector weight” rating on the stock. Piper Sandler downgraded shares of Prairie Operating from an “overweight” rating to a “neutral” rating in a report on Monday. Roth Capital assumed coverage on shares of Prairie Operating in a report on Thursday, June 12th. They set a “buy” rating and a $8.00 price objective on the stock. Finally, Johnson Rice assumed coverage on shares of Prairie Operating in a report on Monday, May 12th. They set an “accumulate” rating and a $9.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.50.

About Prairie Operating

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.