ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 14.9% in November

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 5,890,000 shares, a drop of 14.9% from the October 31st total of 6,920,000 shares. Based on an average trading volume of 733,200 shares, the short-interest ratio is presently 8.0 days.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ACDC shares. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Bank of America restated a “hold” rating and set a $7.50 target price on shares of ProFrac in a report on Monday, October 14th. Finally, Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a report on Friday, October 11th.

Insider Activity at ProFrac

In other news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were acquired at an average price of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the acquisition, the insider now directly owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. The trade was a 0.45 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought a total of 1,307,298 shares of company stock worth $8,322,742 over the last 90 days. Insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several institutional investors have recently modified their holdings of ACDC. Virtu Financial LLC bought a new position in shares of ProFrac during the 1st quarter valued at about $401,000. Bank of New York Mellon Corp lifted its holdings in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after purchasing an additional 12,683 shares in the last quarter. nVerses Capital LLC bought a new position in shares of ProFrac during the 2nd quarter valued at about $44,000. American Century Companies Inc. lifted 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 purchasing an additional 132,108 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after buying an additional 5,312 shares during the last quarter. Institutional investors own 12.75% of the company’s stock.

ProFrac Trading Down 0.7 %

NASDAQ:ACDC opened at $9.07 on Friday. ProFrac has a fifty-two week low of $5.16 and a fifty-two week high of $9.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock has a market capitalization of $1.45 billion, a PE ratio of -6.43 and a beta of 0.84. The business’s 50-day simple moving average is $6.93 and its 200-day simple moving average is $7.36.

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.