ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Update

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 5,890,000 shares, a decrease of 14.9% from the October 31st total of 6,920,000 shares. Based on an average daily volume of 733,200 shares, the days-to-cover ratio is presently 8.0 days.

ProFrac Price Performance

ACDC opened at $9.07 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. ProFrac has a 1 year low of $5.16 and a 1 year high of $9.75. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -6.48 and a beta of 0.84. The stock’s 50 day simple moving average is $6.88 and its 200 day simple moving average is $7.35.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc bought 165,316 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were acquired at an average price of $6.20 per share, for a total transaction of $1,024,959.20. Following the completion of the acquisition, the insider now directly owns 78,362,865 shares in the company, valued at approximately $485,849,763. This represents a 0.21 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders purchased a total of 1,307,298 shares of company stock worth $8,322,742 in the last three months. 2.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Hotchkis & Wiley Capital Management LLC grew its position in shares of ProFrac by 114.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after buying an additional 443,530 shares during the period. Empowered Funds LLC bought a new position in ProFrac during the 3rd quarter valued at about $3,764,000. American Century Companies Inc. lifted its position in ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares during the period. Marshall Wace LLP boosted its stake in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after buying an additional 228,491 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of ProFrac by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after purchasing an additional 6,063 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a research report on Friday, October 11th. Bank of America restated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Finally, Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $7.00 to $6.50 in a report on Thursday, October 17th.

ProFrac Company Profile

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.