In the past week, there have been many stocks which have recorded significant losses and one of those is the Flotek Industries Inc (NYSE:FTK) stock. Due to the selloff, the stock has tanked by as much as 18% over the course of the past week.
Trading Data
On Thursday, FTK stock slumped 1.48% to $0.8077 with more than 452.02K shares, compared to its average volume of 375.56K shares. The stock has moved within a range of $0.8031 – 0.8401 after opening trade at $0.8178.
Earnings Recap
Although the decline in the stock is significant, it is also necessary to keep in mind that there has been no news about Flotek in the past week. In fact, the last time any news emerged about the company was back on November 8 when Flotek announced its financial results for the third fiscal quarter that had ended on September 30, 2021.
The company managed to bring in consolidated revenues of $10.2 million for the third quarter. It reflected a drop of as much as 20.1% year on year but at the same time, it worked out to a rise of 10.9% from the $9.2 million that Flotek had generated in the second fiscal quarter of 2021.
Perhaps more importantly, the company’s consolidated operating expenses for the quarter stood at $5.4 million and that reflected a year on year drop of as much as 55.4%. In the prior year period, the consolidated expenses had been $12.1 million.
Key Quote
John W. Gibson, Jr., Chairman, President, and Chief Executive Officer, stated, “I’m pleased to report that our revenues for the third quarter are up approximately 11% compared to the second quarter. Customer growth and diversification continue to improve as revenue from new or non-core customers grew 34%, while the total number of customers grew by 22% sequentially in our energy chemistry technologies business. Additionally, our data analytics business reached two important milestones during the third quarter by obtaining international certifications for our Verax analyzers and launching a new patent-pending Advanced Interface Detection Algorithm (AIDA) application.”
Technical Data
FTK stock is trading below the 50-Day and 200-Day Moving averages of $1.04 and $1.14 respectively. However, the stock is below the 200-Day moving average of $1.65. The stock is down 22% in the past 3-month.
