AlphaQuest LLC Buys New Shares in ProFrac Holding Corp. (NASDAQ:ACDC)

AlphaQuest LLC bought a new stake in ProFrac Holding Corp. (NASDAQ:ACDC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 8,499 shares of the company’s stock, valued at approximately $66,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ACDC. Bank of New York Mellon Corp boosted its holdings in ProFrac by 1,822.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock valued at $13,858,000 after purchasing an additional 1,692,908 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after purchasing an additional 443,530 shares during the period. Arete Wealth Advisors LLC boosted its holdings in ProFrac by 478.8% in the third quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after purchasing an additional 107,908 shares during the period. Bleakley Financial Group LLC acquired a new stake in ProFrac in the fourth quarter valued at $455,000. Finally, Verition Fund Management LLC raised its stake in ProFrac by 94.0% in the third quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock valued at $566,000 after buying an additional 40,390 shares in the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on ACDC shares. Stifel Nicolaus raised their price target on ProFrac from $6.00 to $7.00 and gave the company a “hold” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.40.

Insider Transactions at ProFrac

In related news, major shareholder Farris Wilks purchased 338,756 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were purchased at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the transaction, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.93% of the company’s stock.

ProFrac Stock Up 7.6 %

ACDC opened at $7.67 on Thursday. The business’s 50-day simple moving average is $7.66 and its 200-day simple moving average is $7.28. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. ProFrac Holding Corp. has a one year low of $5.16 and a one year high of $9.75. The stock has a market capitalization of $1.23 billion, a P/E ratio of -5.44 and a beta of 1.18.

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.