Geode Capital Management LLC Sells 54,853 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Geode Capital Management LLC lowered its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 8.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 588,608 shares of the company’s stock after selling 54,853 shares during the quarter. Geode Capital Management LLC owned about 0.37% of ProFrac worth $3,997,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ACDC. Townsquare Capital LLC acquired a new position in shares of ProFrac during the third quarter valued at about $87,000. Quantinno Capital Management LP acquired a new position in ProFrac in the 3rd quarter valued at approximately $100,000. Squarepoint Ops LLC bought a new stake in shares of ProFrac in the 2nd quarter worth approximately $150,000. Barclays PLC grew its holdings in shares of ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company’s stock worth $199,000 after purchasing an additional 19,898 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of ProFrac during the second quarter valued at approximately $365,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ACDC. Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Bank of America reissued a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a research report on Friday, October 11th. Finally, JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, ProFrac currently has a consensus rating of “Hold” and an average target price of $7.40.

ProFrac Price Performance

NASDAQ:ACDC opened at $8.21 on Monday. 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 firm has a market cap of $1.31 billion, a PE ratio of -5.82 and a beta of 1.15. ProFrac Holding Corp. has a 12 month low of $5.16 and a 12 month high of $9.75. The company’s 50-day moving average price is $7.45 and its two-hundred day moving average price is $7.15.

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.