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

ProFrac Holding Corp. (NASDAQ:ACDC) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 7,370,000 shares, an increase 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 currently 8.7 days.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 353,635 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was bought at an average cost of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the acquisition, the insider now owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders bought 1,933,600 shares of company stock worth $12,207,161. Company insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new stake in shares of ProFrac in the 2nd quarter worth $365,000. Squarepoint Ops LLC purchased a new stake in shares of ProFrac in the 2nd quarter worth $150,000. Marshall Wace LLP boosted its holdings in ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after buying an additional 228,491 shares during the period. Dimensional Fund Advisors LP boosted its holdings in ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after buying an additional 5,312 shares during the period. Finally, American Century Companies Inc. boosted its holdings in ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after buying an additional 132,108 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

ProFrac Price Performance

Shares of ACDC opened at $6.69 on Friday. 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 twelve month low of $5.59 and a twelve month high of $11.51. The company has a market capitalization of $1.07 billion, a P/E ratio of -7.19 and a beta of 0.81. The firm has a 50 day moving average of $6.81 and a 200 day moving average of $7.70.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The company had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. As a group, equities research analysts anticipate that ProFrac will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACDC has been the subject of several research analyst reports. Piper Sandler lowered their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Bank of America lowered their target price on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, Stifel Nicolaus lowered their target price on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a report on Monday, August 12th.

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.