Verition Fund Management LLC Raises Stock Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

Verition Fund Management LLC grew its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 94.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 83,354 shares of the company’s stock after buying an additional 40,390 shares during the period. Verition Fund Management LLC’s holdings in ProFrac were worth $566,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ACDC. nVerses Capital LLC purchased a new stake in ProFrac in the second quarter worth about $44,000. Townsquare Capital LLC purchased a new stake in shares of ProFrac in the 3rd quarter worth approximately $87,000. Squarepoint Ops LLC bought a new position in ProFrac during the 2nd quarter valued at approximately $150,000. Point72 Asset Management L.P. purchased a new position in ProFrac during the second quarter valued at $365,000. Finally, Dimensional Fund Advisors LP boosted its holdings in ProFrac by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after acquiring an additional 5,312 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 353,635 shares of ProFrac stock in a transaction dated Thursday, September 12th. The stock was purchased at an average price of $6.17 per share, with a total value of $2,181,927.95. Following the transaction, the insider now directly owns 79,197,549 shares of the company’s stock, valued at $488,648,877.33. This trade represents a 0.45 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ACDC has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research report on Friday, December 6th. Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $7.00 to $6.50 in a report on Thursday, October 17th. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a report on Friday, October 11th. Finally, Bank of America restated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. 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 stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $7.40.

ProFrac Stock Performance

Shares of ACDC stock opened at $7.90 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The company has a 50 day moving average price of $7.14 and a 200-day moving average price of $7.29. ProFrac Holding Corp. has a 52 week low of $5.16 and a 52 week high of $9.75. The firm has a market capitalization of $1.27 billion, a PE ratio of -5.60 and a beta of 1.15.

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.