Short Interest in ProFrac Holding Corp. (NASDAQ:ACDC) Expands By 5.1%

ProFrac Holding Corp. (NASDAQ:ACDC) was the recipient of a significant increase in short interest in May. As of May 31st, there was short interest totalling 4,910,000 shares, an increase of 5.1% from the May 15th total of 4,670,000 shares. Based on an average daily trading volume, of 1,100,000 shares, the short-interest ratio is currently 4.5 days.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc bought 440,217 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average price of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the transaction, the insider now owns 75,640,762 shares in the company, valued at approximately $717,830,831.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ProFrac news, major shareholder Holdings Lp Thrc bought 440,217 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average price of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the transaction, the insider now owns 75,640,762 shares in the company, valued at approximately $717,830,831.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Farris Wilks bought 330,000 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were acquired at an average price of $22.08 per share, with a total value of $7,286,400.00. Following the transaction, the insider now owns 58,541,444 shares of the company’s stock, valued at approximately $1,292,595,083.52. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 964,678 shares of company stock valued at $13,268,657. Corporate insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently bought and sold shares of the stock. First Financial Bankshares Inc purchased a new stake in ProFrac during the fourth quarter worth approximately $8,580,000. Russell Investments Group Ltd. grew its stake in ProFrac by 712.8% during the fourth quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after buying an additional 130,757 shares during the period. Pinnacle Associates Ltd. grew its stake in ProFrac by 34.9% during the fourth quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $987,000 after buying an additional 30,085 shares during the period. CastleKnight Management LP purchased a new stake in ProFrac during the fourth quarter worth approximately $956,000. Finally, New York State Common Retirement Fund grew its stake in ProFrac by 56.4% during the third quarter. New York State Common Retirement Fund now owns 48,661 shares of the company’s stock worth $529,000 after buying an additional 17,539 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

ProFrac Price Performance

ProFrac stock opened at $7.64 on Tuesday. ProFrac has a 1 year low of $6.46 and a 1 year high of $14.23. The firm has a 50 day moving average price of $8.40 and a 200 day moving average price of $8.07. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -8.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.71 and a current ratio of 1.07.

ProFrac (NASDAQ:ACDC) last released its earnings results on Friday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. ProFrac had a negative net margin of 5.35% and a negative return on equity of 1.00%. The firm had revenue of $581.50 million during the quarter, compared to the consensus estimate of $587.60 million. Sell-side analysts predict that ProFrac will post 0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ACDC shares. Stifel Nicolaus cut their price objective on shares of ProFrac from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, March 14th. Bank of America boosted their price objective on shares of ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Monday, April 15th.

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.