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

ProFrac Holding Corp. (NASDAQ:ACDC) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 6,950,000 shares, a drop of 5.7% from the September 15th total of 7,370,000 shares. Based on an average daily trading volume, of 868,400 shares, the days-to-cover ratio is presently 8.0 days.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc acquired 411,383 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $6.03 per share, with a total value of $2,480,639.49. Following the transaction, the insider now owns 76,611,928 shares of the company’s stock, valued at approximately $461,969,925.84. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders purchased a total of 1,933,600 shares of company stock valued at $12,207,161 over the last 90 days. 2.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. increased its holdings in 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 during the last quarter. Marshall Wace LLP boosted its position 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of ProFrac by 12.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after acquiring an additional 12,683 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of ProFrac by 6.3% during the 2nd 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. Finally, Point72 Asset Management L.P. purchased a new stake in ProFrac during the second quarter worth approximately $365,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ACDC shares. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a report on Friday, October 11th. Bank of America restated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a report on Monday. Finally, Piper Sandler reduced their target price on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th.

ProFrac Price Performance

ACDC stock opened at $6.78 on Wednesday. The business’s 50-day moving average is $6.63 and its two-hundred day moving average is $7.62. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The firm has a market capitalization of $1.08 billion, a P/E ratio of -7.29 and a beta of 0.81. ProFrac has a 1 year low of $5.59 and a 1 year high of $10.14.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The firm had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. Analysts anticipate that ProFrac will post -0.13 earnings per share for the current fiscal year.

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.