ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 5.7% in September

ProFrac Holding Corp. (NASDAQ:ACDC) saw a significant decrease in short interest in September. As of September 30th, there was short interest totalling 6,950,000 shares, a decrease of 5.7% from the September 15th total of 7,370,000 shares. Based on an average daily trading volume, of 868,400 shares, the short-interest ratio is currently 8.0 days.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were bought at an average price of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the acquisition, the insider now owns 79,197,549 shares of the company’s stock, valued at approximately $488,648,877.33. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have purchased 1,933,600 shares of company stock valued at $12,207,161. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. grew its holdings in shares of ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after acquiring an additional 132,108 shares in the last quarter. Marshall Wace LLP boosted its holdings in ProFrac by 1,632.1% in the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in ProFrac by 12.1% in the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after purchasing an additional 12,683 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in ProFrac by 6.3% in the second 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 in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in ProFrac in the second quarter worth $365,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a report on Friday, October 11th. Bank of America reiterated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a research report on Monday. Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $7.00 to $6.50 in a research report on Thursday. Finally, Piper Sandler lowered their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th.

ProFrac Trading Down 5.5 %

ProFrac stock opened at $6.58 on Friday. The company’s fifty day simple moving average is $6.64 and its 200-day simple moving average is $7.61. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. ProFrac has a 12 month low of $5.59 and a 12 month high of $10.14. The stock has a market cap of $1.05 billion, a P/E ratio of -7.08 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The company had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. As a group, sell-side analysts forecast that ProFrac will post -0.13 EPS for the current fiscal year.

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.