Barclays PLC Boosts Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Barclays PLC boosted its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 213.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,215 shares of the company’s stock after acquiring an additional 19,898 shares during the quarter. Barclays PLC’s holdings in ProFrac were worth $199,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC increased its position in ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after buying an additional 443,530 shares in the last quarter. Empowered Funds LLC purchased a new stake in ProFrac in the third quarter worth about $3,764,000. American Century Companies Inc. increased its position in ProFrac by 72.0% in the second 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 in the last quarter. Marshall Wace LLP increased its position in ProFrac by 1,632.1% in the second 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in ProFrac by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after buying an additional 6,063 shares in the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ACDC shares. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Bank of America reaffirmed a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a research note on Monday, October 14th. JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective for the company. in a research note on Friday, December 6th. Finally, Stifel Nicolaus dropped their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Monday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.20.

ProFrac Price Performance

Shares of ProFrac stock opened at $7.67 on Tuesday. The stock has a 50 day moving average of $7.48 and a 200 day moving average of $7.15. ProFrac Holding Corp. has a 12 month low of $5.16 and a 12 month high of $9.75. The firm has a market cap of $1.23 billion, a PE ratio of -5.44 and a beta of 1.20. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

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.