HOUSTON – Prairie Operating Co. (NYSE:PROP) executive vice president of operations, Bryan Freeman, has recently engaged in transactions involving the company's stock, according to the latest SEC filings. Freeman sold a total of 2,837 shares of common stock for a combined value exceeding $32,000.
On June 12, Freeman sold 852 shares at a weighted average price of $12.85, netting a total of $10,948. The shares were sold in multiple transactions at prices ranging from $12.75 to $13.18. Two days later, on June 14, he sold another 1,985 shares at an average price of $10.98 per share, totaling $21,795. These shares were also sold in a range of prices between $10.90 and $11.01.
The sales were primarily executed to cover tax withholding obligations related to Freeman's equity compensation as part of his role at Prairie Operating Co. The transactions reduced Freeman's direct ownership in the company to 145,126 shares of common stock following the sales.
In addition to the sales, Freeman was awarded 47,963 restricted stock units (RSUs) under the company's Long-Term Incentive Plan (LTIP). These units are set to vest in three annual installments starting from March 5, 2025, and represent a contingent right to receive shares of common stock upon vesting.
Furthermore, Freeman received an award of 31,976 performance units, which are contingent rights to receive shares of common stock. The actual number of shares that may be issued in relation to these performance units will depend on the company's performance relative to its peers and will be determined at the end of a three-year performance period.
The recent transactions by Freeman highlight the ongoing executive movements within Prairie Operating Co., providing investors and market observers with insights into insider activity at the company.
In other recent news, independent energy firm Prairie Operating Co. is set to join the Russell 3000 Index, according to the 2024 Russell US Indexes annual reconstitution. The company's inclusion in the index reflects its market-capitalization rankings and style attributes. This positioning could also place Prairie Operating in the large-cap Russell 1000 or small-cap Russell 2000 Index, as well as applicable growth and value style indexes.
Chairman and CEO of Prairie Operating, Ed Kovalik, expressed contentment with this development, suggesting it mirrors the company's growth strategies and progress. He also mentioned potential benefits such as increased investor visibility and a broader investor base due to the inclusion.
The global index provider, FTSE Russell, responsible for the Russell Indexes, underscored the significance of their annual reconstitution in ensuring accurate reflection of the U.S. stock market and maintaining impartiality. These are the recent developments concerning Prairie Operating Co.
InvestingPro Insights
In light of the recent insider transactions at Prairie Operating Co. (NYSE:PROP), investors may find the following InvestingPro Insights particularly relevant:
InvestingPro Data indicates a challenging financial landscape for Prairie Operating Co. The company's Market Cap stands at a modest $130.07M, with a Revenue for the last twelve months as of Q1 2024 reported at $1.55M, which, despite showing a significant growth of 501.39%, is met with substantial losses, as evidenced by an Operating Income of -$24.5M and an Operating Income Margin of -1584.93%. Additionally, the Basic and Diluted EPS (Continued Operations) for the same period were both deeply negative at -$12.11.
The InvestingPro Tips suggest caution, highlighting that the company is quickly burning through cash and that its short-term obligations exceed its liquid assets. Moreover, the stock has experienced significant volatility with a 1 Week Price Total Return as of mid-2024 at -20.42% and a 1 Month Price Total Return at -16.99%, although it's worth noting a 6 Month Price Total Return showing an uptick of 26.04%.
Investors considering Prairie Operating Co. should be aware that the company does not pay dividends to shareholders and has been trading at a high revenue valuation multiple. These factors, combined with the executive stock transactions, could be crucial in assessing the company's financial health and future prospects.
For a deeper analysis and more InvestingPro Tips on Prairie Operating Co., visit https://www.investing.com/pro/PROP. Additionally, take advantage of our special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, where you can find a total of 13 InvestingPro Tips to help inform your investment decisions.
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