ProFrac Holding Corp. (NASDAQ:ACDC) Sees Significant Increase in Short Interest

ProFrac Holding Corp. (NASDAQ:ACDCGet Free Report) saw a large increase in short interest in June. As of June 15th, there was short interest totalling 5,400,000 shares, an increase of 10.0% from the May 31st total of 4,910,000 shares. Based on an average daily trading volume, of 1,020,000 shares, the days-to-cover ratio is currently 5.3 days.

Insider Buying and Selling at ProFrac

In related news, major shareholder Farris Wilks bought 330,000 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was bought at an average cost of $22.08 per share, for a total transaction of $7,286,400.00. Following the acquisition, the insider now directly owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ProFrac news, major shareholder Holdings Lp Thrc purchased 194,461 shares of the stock in a transaction dated Thursday, May 23rd. The stock was acquired at an average cost of $9.28 per share, for a total transaction of $1,804,598.08. Following the acquisition, the insider now owns 74,935,006 shares in the company, valued at approximately $695,396,855.68. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Farris Wilks bought 330,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were purchased at an average cost of $22.08 per share, for a total transaction of $7,286,400.00. Following the purchase, the insider now owns 58,541,444 shares in the company, valued at approximately $1,292,595,083.52. The disclosure for this purchase can be found here. Insiders purchased a total of 964,678 shares of company stock worth $13,268,657 in the last three months. 2.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Institutional investors have recently added to or reduced their stakes in the business. First Financial Bankshares Inc purchased a new stake in ProFrac during the fourth quarter worth approximately $8,580,000. Russell Investments Group Ltd. increased its position in ProFrac by 712.8% during the fourth quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after buying an additional 130,757 shares during the period. Tower Research Capital LLC TRC increased its position in ProFrac by 42.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after buying an additional 2,034 shares during the period. Jump Financial LLC acquired a new position in ProFrac during the fourth quarter worth approximately $179,000. Finally, Pinnacle Associates Ltd. increased its position in ProFrac by 34.9% during the fourth quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $987,000 after buying an additional 30,085 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ACDC. Stifel Nicolaus decreased their target price on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Bank of America increased their target price on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a research note on Monday, April 15th.

Check Out Our Latest Research Report on ACDC

ProFrac Stock Performance

Shares of ACDC opened at $7.28 on Tuesday. The stock has a 50-day simple moving average of $8.23 and a 200-day simple moving average of $8.02. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.71 and a current ratio of 1.07. The stock has a market capitalization of $1.16 billion, a PE ratio of -7.83 and a beta of 0.86. ProFrac has a 1 year low of $6.46 and a 1 year high of $14.23.

ProFrac (NASDAQ:ACDCGet Free Report) last announced its quarterly earnings data on Friday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The business had revenue of $581.50 million during the quarter, compared to analysts’ expectations of $587.60 million. ProFrac had a negative return on equity of 1.00% and a negative net margin of 5.35%. On average, analysts predict that ProFrac will post 0.58 earnings per share for the current fiscal year.

About ProFrac

(Get Free Report)

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.

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