Short Interest in ProFrac Holding Corp. (NASDAQ:ACDC) Declines By 14.9%

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

Insider Transactions at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 353,635 shares of the stock in a transaction on Thursday, September 12th. The stock was bought 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. This represents a 0.45 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have bought 1,307,298 shares of company stock valued at $8,322,742. 2.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

A number of large investors have recently modified their holdings of ACDC. American Century Companies Inc. boosted its stake 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 purchasing an additional 132,108 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of 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 during the last quarter. Empowered Funds LLC acquired a new stake in shares of ProFrac during the third quarter worth $3,764,000. Point72 Asset Management L.P. purchased a new stake in shares of ProFrac during the second quarter valued at $365,000. Finally, Squarepoint Ops LLC acquired a new position in shares of ProFrac in the 2nd quarter valued at $150,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Stock Down 0.7 %

Shares of ACDC stock opened at $9.07 on Monday. The stock’s fifty day moving average price is $6.93 and its 200 day moving average price is $7.35. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. ProFrac has a 1-year low of $5.16 and a 1-year high of $9.75. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -6.43 and a beta of 0.84.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a report on Friday, October 11th. Finally, Bank of America reiterated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a research note on Monday, October 14th.

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.