In a recent transaction, Stephen Lee, a director at Prairie Operating Co. (NASDAQ:PROP), sold a total of 1,547 shares of the company's common stock. The transactions, which took place between June 17 and June 20, 2024, amounted to over $16,832 in value. The shares were sold at prices ranging from $10.62 to $11.11 each.
On June 17, Lee sold 750 shares at an average weighted price of $11.10. Following this transaction, he sold another 88 shares on June 18 for an average price of $11.11. The final sale occurred on June 20, where Lee disposed of 709 shares at an average price of $10.62. The prices reported are weighted averages, and the actual sales occurred at various prices within the stated ranges.
After these transactions, Lee's ownership in Prairie Operating Co. stands at 4,711 shares of common stock. The sales were made public through a Form 4 filing with the Securities and Exchange Commission, which provides transparency on insider transactions.
Investors often monitor insider sales as they may provide insights into the executive's view of the company's current valuation and future prospects. However, it is essential to consider that there may be various reasons for an insider to sell shares, and such transactions do not always signal a lack of confidence in the company.
Prairie Operating Co., with its headquarters in Houston, Texas, operates in the crude petroleum and natural gas industry. The company has undergone several name changes in the past, previously known as Creek Road Miners, Inc., WIZARD BRANDS, INC., and WIZARD ENTERTAINMENT, INC.
In other recent news, Prairie Operating Co., an independent energy company, is poised to join the Russell 3000 Index. This development follows the 2024 Russell US Indexes annual reconstitution, which is overseen by global index provider FTSE Russell. The company's inclusion in the index is a reflection of its growth strategies and progress, according to Ed Kovalik, Chairman and CEO of Prairie Operating. The company's new position will likely result in increased investor visibility and a broader investor base.
The Russell 3000 Index is determined by market-capitalization rankings and style attributes, and Prairie Operating's inclusion may also place it in either the large-cap Russell 1000 or small-cap Russell 2000 Index, as well as in applicable growth and value style indexes. Fiona Bassett, CEO of FTSE Russell, emphasizes the role of rebalancing in maintaining the integrity of the benchmarks. It should be noted that the company's forward-looking statements involve risks and uncertainties, and actual results may differ from those projected.
InvestingPro Insights
In light of the recent insider transactions at Prairie Operating Co. (NASDAQ:PROP), the InvestingPro data and tips provide a deeper understanding of the company's financial health and stock performance. With a significant revenue growth of 501.39% in the last twelve months as of Q1 2024, Prairie Operating Co. has shown a remarkable increase in revenue, which now stands at 1.55M USD. However, despite this surge, the company's operating income margin was deeply negative at -1584.93%, reflecting substantial operating losses.
Investors should note that the stock has experienced a large price uptick over the last six months, with a 59.61% total return. This is complemented by a year-to-date price total return of 12.62% and an even more impressive one-year price total return of 149.9%. These figures indicate strong recent performance in the market, although the stock price is currently at 57.89% of its 52-week high, suggesting some recent pullback from its peak.
The InvestingPro Tips highlight key considerations for investors. Prairie Operating Co. has been identified as operating with a moderate level of debt and not paying a dividend to shareholders. Additionally, the stock generally trades with high price volatility, which could be a factor in the recent insider sale transactions.
For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available, which can provide further insights into Prairie Operating Co.'s financial metrics and stock performance. To explore these tips and get an InvestingPro Fair Value estimate of 9.56 USD for the stock, visit https://www.investing.com/pro/PROP. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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