ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Update

ProFrac Holding Corp. (NASDAQ:ACDC) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 7,370,000 shares, a growth of 20.2% from the August 31st total of 6,130,000 shares. Based on an average daily volume of 843,000 shares, the short-interest ratio is presently 8.7 days.

ProFrac Price Performance

ACDC opened at $6.69 on Monday. ProFrac has a one year low of $5.59 and a one year high of $11.51. The stock has a market capitalization of $1.07 billion, a P/E ratio of -7.19 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The company’s 50 day simple moving average is $6.81 and its 200-day simple moving average is $7.70.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $579.40 million during the quarter, compared to the consensus estimate of $624.64 million. Sell-side analysts anticipate that ProFrac will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc acquired 353,635 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were purchased at an average cost of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the purchase, the insider now owns 79,197,549 shares of the company’s stock, valued at $488,648,877.33. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired 1,933,600 shares of company stock valued at $12,207,161 over the last quarter. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new position in ProFrac in the second quarter valued at approximately $365,000. Squarepoint Ops LLC acquired a new stake in ProFrac in the second quarter worth $150,000. Marshall Wace LLP raised 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 during the period. Dimensional Fund Advisors LP raised 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 during the period. Finally, American Century Companies Inc. raised its holdings in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after purchasing an additional 132,108 shares during the period. 12.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Piper Sandler decreased their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Bank of America decreased their price target on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Finally, Stifel Nicolaus decreased their price target on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 12th.

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.