HighTower Advisors LLC Invests $85,000 in ProFrac Holding Corp. (NASDAQ:ACDC)

HighTower Advisors LLC bought a new stake in ProFrac Holding Corp. (NASDAQ:ACDC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,948 shares of the company’s stock, valued at approximately $85,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in shares of 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 acquiring an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new position in ProFrac during the fourth quarter valued at approximately $57,000. AlphaQuest LLC bought a new position in ProFrac in the fourth quarter valued at approximately $66,000. Catalina Capital Group LLC acquired a new position in shares of ProFrac during the 4th quarter worth approximately $79,000. Finally, Stratos Investment Management LLC bought a new stake in shares of ProFrac during the 4th quarter worth approximately $84,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of ProFrac from $6.00 to $7.00 and gave the company a “hold” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective for the company. in a research report on Friday, December 6th. Two equities research 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.40.

Insider Transactions at ProFrac

In other news, major shareholder Farris Wilks bought 338,756 shares of the stock in a transaction dated Wednesday, February 26th. The shares were bought at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the purchase, the insider now owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. This trade represents a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.93% of the stock is currently owned by corporate insiders.

ProFrac Trading Down 22.8 %

Shares of ProFrac stock opened at $5.16 on Friday. ProFrac Holding Corp. has a 1 year low of $5.12 and a 1 year high of $9.75. The company has a market capitalization of $826.52 million, a price-to-earnings ratio of -3.66 and a beta of 1.18. The business has a fifty day simple moving average of $7.42 and a two-hundred day simple moving average of $7.38. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62.

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.