Townsquare Capital LLC Takes Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Townsquare Capital LLC bought a new position in ProFrac Holding Corp. (NASDAQ:ACDC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 12,769 shares of the company’s stock, valued at approximately $87,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ACDC. American Century Companies Inc. increased its holdings in shares of ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after buying an additional 132,108 shares in the last quarter. Marshall Wace LLP raised its position in shares of ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares during the period. Empowered Funds LLC acquired a new stake in shares of ProFrac during the third quarter worth $3,764,000. Point72 Asset Management L.P. purchased a new stake in shares of ProFrac during the second quarter valued at $365,000. Finally, Squarepoint Ops LLC acquired a new position in shares of ProFrac in the 2nd quarter valued at $150,000. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Stock Performance

Shares of ACDC opened at $7.41 on Friday. ProFrac Holding Corp. has a 52 week low of $5.16 and a 52 week high of $9.75. 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 capitalization of $1.19 billion, a PE ratio of -5.26 and a beta of 1.15. The company’s 50 day moving average price is $7.11 and its 200 day moving average price is $7.33.

Wall Street Analyst Weigh In

A number of research firms have commented on ACDC. Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a research note on Friday, October 11th. Bank of America restated a “hold” rating and set a $7.50 price target on shares of ProFrac in a report on Monday, October 14th. JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective for the company. in a research note on Friday. Finally, Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, ProFrac has a consensus rating of “Hold” and a consensus price target of $7.40.

Insider Activity

In other news, major shareholder Holdings Lp Thrc purchased 353,635 shares of ProFrac stock in a transaction dated Thursday, September 12th. The stock was acquired at an average cost of $6.17 per share, for a total transaction of $2,181,927.95. Following the acquisition, the insider now directly owns 79,197,549 shares in the company, valued at $488,648,877.33. This represents a 0.45 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.93% of the stock is currently owned by corporate insiders.

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.