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

ProFrac Holding Corp. (NASDAQ:ACDC) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 5,400,000 shares, an increase of 10.0% from the May 31st total of 4,910,000 shares. Based on an average daily trading volume, of 1,020,000 shares, the short-interest ratio is currently 5.3 days.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 194,461 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average price of $9.28 per share, with a total value of $1,804,598.08. Following the completion of the transaction, the insider now directly owns 74,935,006 shares in the company, valued at $695,396,855.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ProFrac news, major shareholder Farris Wilks acquired 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 completion of the transaction, the insider now owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings Lp Thrc acquired 194,461 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $9.28 per share, for a total transaction of $1,804,598.08. Following the transaction, the insider now owns 74,935,006 shares of the company’s stock, valued at approximately $695,396,855.68. The disclosure for this purchase can be found here. Insiders have purchased a total of 964,678 shares of company stock valued at $13,268,657 over the last 90 days. Insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its stake in ProFrac by 42.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after acquiring an additional 2,034 shares during the last quarter. Delta Investment Management LLC increased its stake in ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after acquiring an additional 5,000 shares during the last quarter. Jump Financial LLC bought a new position in ProFrac in the 4th quarter worth about $179,000. Aristides Capital LLC bought a new position in ProFrac in the 4th quarter worth about $279,000. Finally, Quest Partners LLC bought a new position in ProFrac in the 4th quarter worth about $356,000. 12.75% of the stock is currently owned by institutional investors.

ProFrac Stock Performance

NASDAQ:ACDC opened at $7.27 on Wednesday. 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 has a 52-week low of $6.46 and a 52-week high of $14.23. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -7.82 and a beta of 0.86. The business’s fifty day moving average is $8.21 and its 200 day moving average is $8.01.

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

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stifel Nicolaus lowered their target price on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Bank of America boosted their price objective on ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Monday, April 15th.

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.