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

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a large decrease in short interest during the month of 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 short-interest ratio is currently 8.0 days.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ACDC. Bank of America reiterated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a research report on Monday, October 14th. Stifel Nicolaus downgraded shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a report on Friday, October 11th. Finally, Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th.

Insider Buying and Selling at ProFrac

In other news, major shareholder Holdings Lp Thrc acquired 165,316 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were acquired at an average cost of $6.20 per share, with a total value of $1,024,959.20. Following the acquisition, the insider now directly owns 78,362,865 shares of the company’s stock, valued at approximately $485,849,763. The trade was a 0.21 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders purchased 1,307,298 shares of company stock valued at $8,322,742 in the last 90 days. Insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

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

ProFrac Trading Down 0.7 %

Shares of ACDC opened at $9.07 on Monday. The company’s fifty day simple moving average is $6.93 and its 200-day simple moving average is $7.35. The company has a market cap of $1.45 billion, a P/E ratio of -6.43 and a beta of 0.84. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. ProFrac has a twelve month low of $5.16 and a twelve month high of $9.75.

About ProFrac

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.