Charles Schwab Investment Management Inc. Buys 6,063 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Charles Schwab Investment Management Inc. increased its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 3.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 175,777 shares of the company’s stock after buying an additional 6,063 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.11% of ProFrac worth $1,194,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new stake in shares of ProFrac during the third quarter valued at approximately $3,764,000. Marshall Wace LLP lifted its holdings in shares of ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after acquiring an additional 228,491 shares during the period. American Century Companies Inc. boosted its position in shares of ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after acquiring an additional 132,108 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in ProFrac in the second quarter valued at about $365,000. Finally, Pinnacle Associates Ltd. raised its position in ProFrac by 39.8% in the third quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $790,000 after purchasing an additional 33,139 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ACDC has been the topic of a number of recent research reports. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research report on Friday, October 11th. Bank of America reissued a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.40.

ProFrac Trading Up 1.5 %

Shares of ACDC opened at $7.50 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -5.32 and a beta of 1.15. The stock has a fifty day moving average price of $7.16 and a two-hundred day moving average price of $7.24. ProFrac Holding Corp. has a 52-week low of $5.16 and a 52-week high of $9.75.

ProFrac 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.