Prairie Operating Co. (NYSE:PROP) director Abbas Gizman has recently sold a portion of his holdings in the company. The transactions, which took place between June 21 and June 25, resulted in the sale of company stock worth over $4,600.
The sales were executed at varying prices, with a weighted average price range between $10.76 and $11.10 per share. On June 21, Gizman sold 199 shares at an average price of $10.76. A subsequent sale on June 24 involved 115 shares at an average price of $10.81. The final sale, on June 25, saw 111 shares sold at an average price of $11.10. The specific prices within these ranges for each transaction were not disclosed; however, the sales occurred at multiple prices within the stated ranges.
Following these transactions, Gizman's ownership in Prairie Operating Co. was adjusted to reflect the decrease in his holdings. After the sales, he owned 4,286 shares of the company's common stock.
These sales are part of a routine disclosure by company insiders, providing transparency into their transactions involving company shares. The details of the sales, including the exact number of shares sold and the prices at which they were transacted, are available to Prairie Operating Co., its security holders, or the Securities and Exchange Commission upon request.
The stock transactions were disclosed in accordance with federal securities regulations, which require insiders to report their trading activities. The filings give investors a glimpse into the actions of company executives and directors with respect to their own holdings in the company.
Prairie Operating Co., which operates in the crude petroleum and natural gas industry, has undergone several name changes in the past, with its most recent former name being Creek Road Miners, Inc. before adopting its current identity.
In other recent news, independent energy company, Prairie Operating Co., is slated to join the Russell 3000 Index. This inclusion, determined by market-capitalization rankings and style attributes, may also position Prairie Operating in the large-cap Russell 1000 or small-cap Russell 2000 Index, as well as in relevant growth and value style indexes. The company's CEO, Ed Kovalik, views this development as a testament to Prairie Operating's growth strategies and progress, anticipating increased investor visibility and a broader investor base.
The global index provider, FTSE Russell, underscores the significance of their annual reconstitution in ensuring the indexes accurately mirror the U.S. stock market and maintain impartiality. Fiona Bassett, CEO of FTSE Russell, emphasized the role of rebalancing in upholding the benchmarks' integrity. As these are recent developments, investors should note that Prairie Operating's forward-looking statements carry risks and uncertainties, with actual results potentially differing from projections. Further details on these risks can be found in Prairie Operating's periodic filings with the Securities and Exchange Commission.
InvestingPro Insights
As Prairie Operating Co. (NYSE:PROP) navigates the crude petroleum and natural gas market, recent insider trading activity by director Abbas Gizman has caught the attention of stakeholders. To better understand the financial context in which these sales occurred, here are some key metrics and insights from InvestingPro:
The company's market capitalization stands at a modest $129.58 million, reflecting its position in the industry. Despite significant revenue growth of 501.39% in the last twelve months as of Q1 2024, Prairie Operating Co. has a negative P/E ratio of -0.88, which worsened to -1.93 when adjusted for the same period. This indicates that the company is not currently profitable.
InvestingPro Tips highlight that Prairie Operating Co.'s stock has been experiencing high price volatility, with a 1-month price total return showing a decline of -15.55%. Additionally, the stock's performance over the last month has been poor, an aspect that potential investors should consider. The company's stock trades at a high revenue valuation multiple and, notably, does not pay a dividend to shareholders, which may influence investment decisions for those seeking periodic income.
For those looking to delve deeper into the financials and trading patterns of Prairie Operating Co., InvestingPro offers additional insights and tips that could shed light on investment opportunities or risks. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore the multitude of tips available at https://www.investing.com/pro/PROP.
It's important to note that while the company has shown a remarkable one-year price total return of 150.83%, the recent insider selling could be interpreted in multiple ways. Investors might view Gizman's sale as a personal portfolio decision rather than a commentary on the company's future prospects. With investing, context is key, and real-time data and expert tips can provide that context.
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