Charles Schwab Investment Management Inc. Has $1.19 Million Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Charles Schwab Investment Management Inc. boosted its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 3.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 175,777 shares of the company’s stock after purchasing an additional 6,063 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in ProFrac were worth $1,194,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC bought a new position in ProFrac in the third quarter valued at about $3,764,000. American Century Companies Inc. boosted its stake in shares of ProFrac by 72.0% in 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 during the last quarter. Marshall Wace LLP grew its position in shares of ProFrac by 1,632.1% during 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. Bank of New York Mellon Corp raised its stake in shares of ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after buying an additional 12,683 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its holdings in ProFrac by 39.8% in the third quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $790,000 after buying an additional 33,139 shares during the period. 12.75% of the stock is currently owned by institutional investors.

ProFrac Price Performance

Shares of ACDC opened at $7.50 on Wednesday. ProFrac Holding Corp. has a twelve month low of $5.16 and a twelve month high of $9.75. The company has a 50 day moving average of $7.16 and a 200-day moving average of $7.24. The stock has a market capitalization of $1.20 billion, a P/E ratio of -5.32 and a beta of 1.15. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

Analysts Set New Price Targets

A number of analysts have commented on ACDC shares. Bank of America reaffirmed a “hold” rating and set a $7.50 target price on shares of ProFrac in a report on Monday, October 14th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective for the company. in a report on Friday, December 6th. Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, ProFrac presently has a consensus rating of “Hold” and an average price target of $7.40.

ProFrac 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.