JPMorgan Chase & Co. Lowers Stock Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

JPMorgan Chase & Co. lowered its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 86.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,180 shares of the company’s stock after selling 62,589 shares during the period. JPMorgan Chase & Co.’s holdings in ProFrac were worth $69,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Empowered Funds LLC acquired a new position in shares of ProFrac in the 3rd quarter valued at $3,764,000. Hotchkis & Wiley Capital Management LLC increased its position in shares of ProFrac by 114.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares during the last quarter. Arete Wealth Advisors LLC grew its position in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after buying an additional 107,908 shares during the last quarter. Verition Fund Management LLC boosted its stake in ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock valued at $566,000 after purchasing an additional 40,390 shares during the period. Finally, Pinnacle Associates Ltd. boosted its stake in ProFrac by 39.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $790,000 after purchasing an additional 33,139 shares during the period. 12.75% of the stock is owned by hedge funds and other institutional investors.

ProFrac Stock Up 0.4 %

ProFrac stock opened at $7.30 on Tuesday. The company’s 50 day simple moving average is $8.00 and its 200 day simple moving average is $7.23. ProFrac Holding Corp. has a fifty-two week low of $5.16 and a fifty-two week high of $9.75. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -5.18 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62.

Analyst Ratings Changes

A number of analysts recently commented on ACDC shares. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Bank of America reissued a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research report on Monday, October 14th. Morgan Stanley downgraded 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 research report on Thursday, October 17th. Finally, Stifel Nicolaus decreased their price objective 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. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.20.

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.