Short Interest in ProFrac Holding Corp. (NASDAQ:ACDC) Declines By 14.9%

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

Analysts Set New Price Targets

ACDC has been the subject of a number of recent research reports. Morgan Stanley lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research report on Friday, October 11th. Finally, Bank of America restated a “hold” rating and set a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 786,193 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $6.49 per share, with a total value of $5,102,392.57. Following the completion of the purchase, the insider now owns 78,197,549 shares of the company’s stock, valued at $507,502,093.01. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders purchased 1,307,298 shares of company stock valued at $8,322,742. Corporate insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACDC. American Century Companies Inc. raised its stake 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 worth $2,339,000 after buying an additional 132,108 shares in the last quarter. Marshall Wace LLP boosted its stake in 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. Point72 Asset Management L.P. purchased a new position in ProFrac during the second quarter worth approximately $365,000. Empowered Funds LLC acquired a new position in ProFrac in the third quarter valued at $3,764,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of ProFrac during the 2nd quarter worth about $150,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

ProFrac Stock Down 0.7 %

ProFrac stock opened at $9.07 on Friday. The stock’s fifty day moving average is $6.88 and its two-hundred day moving average is $7.35. The stock has a market cap of $1.45 billion, a PE ratio of -6.48 and a beta of 0.84. ProFrac has a 1-year low of $5.16 and a 1-year high of $9.75. 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 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.