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

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 5,040,000 shares, an increase of 6.3% from the January 15th total of 4,740,000 shares. Based on an average trading volume of 488,200 shares, the days-to-cover ratio is currently 10.3 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock valued at $13,858,000 after purchasing an additional 1,692,908 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after purchasing an additional 443,530 shares during the last quarter. Geode Capital Management LLC boosted its holdings in ProFrac by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after acquiring an additional 2,893 shares in the last quarter. Empowered Funds LLC grew its position in ProFrac by 5.1% during the 4th quarter. Empowered Funds LLC now owns 582,767 shares of the company’s stock valued at $4,522,000 after purchasing an additional 28,370 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of ProFrac by 12.8% during the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company’s stock valued at $4,104,000 after acquiring an additional 59,908 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stifel Nicolaus cut their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, ProFrac presently has a consensus rating of “Hold” and an average target price of $7.20.

ProFrac Stock Up 2.3 %

Shares of NASDAQ:ACDC opened at $7.93 on Monday. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -5.62 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. The firm has a fifty day moving average price of $7.84 and a two-hundred day moving average price of $7.20. ProFrac has a one year low of $5.16 and a one year high of $9.75.

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.