ProFrac Holding Corp. (NASDAQ:ACDC) Sees Large Decline in Short Interest

ProFrac Holding Corp. (NASDAQ:ACDC) was the recipient of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 4,890,000 shares, a decrease of 5.8% from the December 31st total of 5,190,000 shares. Based on an average daily volume of 542,900 shares, the days-to-cover ratio is presently 9.0 days.

Institutional Investors Weigh In On ProFrac

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock valued at $45,000 after buying an additional 3,021 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after purchasing an additional 5,312 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of ProFrac by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after purchasing an additional 6,063 shares in the last quarter. Fortitude Family Office LLC bought a new position in ProFrac during the 4th quarter valued at about $57,000. Finally, Hennessy Advisors Inc. boosted its position in ProFrac by 50.0% in the fourth quarter. Hennessy Advisors Inc. now owns 30,000 shares of the company’s stock valued at $233,000 after buying an additional 10,000 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

ProFrac Price Performance

Shares of ProFrac stock opened at $7.27 on Friday. ProFrac has a twelve month low of $5.16 and a twelve month 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 firm has a market cap of $1.16 billion, a P/E ratio of -5.16 and a beta of 1.20. The firm’s 50-day simple moving average is $8.01 and its 200-day simple moving average is $7.25.

Wall Street Analyst Weigh In

ACDC has been the topic of several recent analyst reports. Bank of America reaffirmed a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th. Stifel Nicolaus reduced their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. downgraded shares of 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. Finally, Morgan Stanley downgraded 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 research report on Thursday, October 17th. Two equities research 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. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.20.

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.